EC grants unconditional approval for Pfizer's buy of Seagen

The European Commission has unconditionally approved the proposed $43 billion acquisition of US biotech Seagen (Nasdaq: SGEN) by pharma giant Pfizer (NYSE: PFE), under the EU Merger Regulation.

The Commission concluded that the transaction, which was first announced in March this year, would not raise competition concerns in the European Economic Area (‘EEA').

Seagen specializes in oncology therapies, primarily in antibody drug conjugates (ADCs). Pfizer's oncology portfolio largely consists of hormone therapies, immunotherapies, and targeted therapies, the Commission noted.