U.S. pharmaceutical company Pfizer said Monday it was spending $43 billion to acquire Seagen, a biotech company developing a line of cancer-fighting technology.

"Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health," Albert Bourla, Pfizer's chairman and chief executive officer, said Monday.

Seagen is working on antibody-drug conjugate (ADC) technology, holding approval for four of the 12 ADCs approved by the Food and Drug Administration.

"ADCs are a transformative modality that is emerging as a powerful tool across a broad range of cancers designed to preferentially kill cancer cells and limit off-target toxicities," the companies explained in their joint statement.

Cancer was the second-leading cause of death in the United States, after heart disease, in 2020, according to the Centers for Disease Control and Prevention. Lung cancer was the leading cause of death among all forms, accounting for 23% of all cancer-related deaths.

Pfizer, meanwhile, says oncology is the largest engine of growth for global medication and the acquisition will therefore be transformative. Pfizer's own oncology division boasts 24 approved cancer medications that brought in $12.1 billion in revenues for the company last year.

"The addition of Seagen's world-leading ADC technology will position us at the forefront of innovative cancer care, and strongly complements our existing portfolio across both solid tumors and hematologic malignancies," added Chris Boshoff, the chief development officer for oncology and rare disease at Pfizer.

Supported in large part by its breakthrough vaccine against COVID-19, Pfizer reported full-year 2022 revenue of $100.3 billion, a 23% increase over the previous year.

Pfizer shares were up 2.2% as of 11:30 a.m. EDT to trade at $40.28. The company bought Seagen for $229 per share in cash.

Copyright 2023 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source Health News - Business