FTC makes second request on proposed Pfizer buy of Seagen

17 July 2023

The US Federal Trade Commission (FTC) has issued a second request to Seagen (Nasdaq: SGEN) and Pfizer (NYSE: PFE) regarding the $43 billion acquisition of Seagen by Pfizer, the former announced in a Securities and Exchange Commission filing after the close of trading on Friday.

Second requests require both parties to provide additional information to assess the legality of the transaction, though they can be broad in nature, investigating issues such as existing or potential competition, drug pricing, or off-label usage of certain products.

Pfizer previously conducted a 'pull and refile' strategy to potentially avoid a second request, noted SVB Securities analyst Dr Andrew Berens. Despite the second request, Seagen’s 8-K states that the expected timeline remains unchanged, with closing expected in late 2023 or early 2024. The timeline for processing of a second request can vary, though a MEDACorp key opinion leader (KOL) indicated that second requests often take six to nine months for the involved parties to comply.

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