Pfizer argued that Seagen can provide a steady and long-lasting revenue stream that will help fill the $17 billion hole it is facing as key products lose patent protection between 2025 and 2030.
Pfizer makes a decent argument. Its commercial and manufacturing heft can undoubtedly maximize the value of Seagen’s portfolio and pipeline of antibody-drug conjugates, medicines that use antibodies to deliver powerful chemotherapies directly to tumor cells.
But Pfizer also has a reasonable case for its ability to push the biotech firm’s technology even further in the long run. On the first point, Pfizer thinks that Seagen’s four FDA-approved oncology products have far more potential.
It believes Seagen’s 2030 sales will exceed $10 billion — or about $2 billion more than analysts’ estimates. That’s a discrepancy Pfizer feels is surmountable based on the promise of Seagen’s pipeline.