Seagen Inc. - SGEN STOCK NEWS

Seagen Inc. reported total revenues of $520 million for Q1 2023, marking a 22% increase from Q1 2022. Net product sales were $469 million, also reflecting a 22% growth. The FDA granted PADCEV accelerated approval in combination with KEYTRUDA for treating cisplatin-ineligible patients with advanced urothelial cancer. The company presented data on its oncology pipeline at the AACR Annual Meeting and plans to unveil further findings at the upcoming ASCO Annual Meeting. Seagen's proposed acquisition by Pfizer is expected to close late 2023 or early 2024, with an enterprise value of $43 billion.

Seagen Inc. (NASDAQ: SGEN) will present 17 abstracts at the 2023 American Society of Clinical Oncology (ASCO) Annual Meeting from June 2-6, 2023, in Chicago. Highlights include long-term follow-up data for PADCEV (enfortumab vedotin-ejfv) combined with KEYTRUDA (pembrolizumab) in bladder cancer and updated Phase 1 data for the novel antibody-drug conjugate SGN-B6A. A significant presentation on June 5 will discuss nearly four years of follow-up data on PADCEV’s efficacy as a first-line treatment in patients with advanced urothelial carcinoma. Additionally, initial data on TUKYSA (tucatinib) in HER2-positive metastatic biliary tract cancer will be shared on June 2. These presentations demonstrate Seagen's ongoing commitment to advancing cancer therapy and improving patient outcomes.

Seagen Inc. (NASDAQ: SGEN) announced it will report its first quarter 2023 financial results on April 27, 2023. In light of its recent acquisition agreement with Pfizer, the company will forgo hosting a conference call for this quarter's results. Seagen is a biotech firm focused on developing transformative cancer treatments. The company is headquartered in the Seattle area and has additional locations in California, Canada, Switzerland, and the European Union.

Seagen Inc. (NASDAQ: SGEN) and Astellas Pharma Inc. (Tokyo: 4503) announced that the FDA has granted accelerated approval for the combination of PADCEV (enfortumab vedotin-ejfv) and KEYTRUDA (pembrolizumab) as a treatment for adult patients with locally advanced or metastatic urothelial cancer who cannot receive cisplatin-containing chemotherapy. This approval is based on tumor response rates from the EV-103 clinical trial, where 68% of patients showed confirmed responses. Continued approval depends on clinical benefit verification in the ongoing EV-302 trial.

Astellas Pharma and Seagen announced FDA accelerated approval for PADCEV (enfortumab vedotin-ejfv) in combination with KEYTRUDA (pembrolizumab) for adults with locally advanced or metastatic urothelial cancer who cannot receive cisplatin-based chemotherapy. This marks the first treatment option combining an antibody-drug conjugate and a PD-1 inhibitor for this patient group, estimated to include 8,000 to 9,000 individuals in the U.S. Approval is based on tumor response rates from the EV-103 trial, and further confirmation of clinical benefit is required from the ongoing EV-302 trial.

Seagen Inc. (NASDAQ: SGEN) will present 17 abstracts at the upcoming AACR Annual Meeting from April 14-19, 2023, in Orlando, highlighting clinical and preclinical data. Key presentations include interim results from the innovaTV 207 Phase 2 trial of tisotumab vedotin for squamous cell carcinoma in head and neck cancer and initial Phase 1 data for SEA-TGT monotherapy in advanced malignancies. Seagen emphasizes its commitment to enhancing cancer treatment through innovative antibody-drug conjugate technologies.

Pfizer has announced a definitive agreement to acquire Seagen for $229 per share, totaling an enterprise value of approximately $43 billion. The merger aims to bolster Pfizer's oncology portfolio with Seagen's advanced Antibody-Drug Conjugates (ADCs) and development programs. Seagen is projected to generate over $10 billion in risk-adjusted revenues by 2030. The acquisition is expected to be financed primarily through $31 billion of long-term debt, with the deal anticipated to close in late 2023 or early 2024, subject to regulatory approvals.