Seagen stockholders back Pfizer deal, but more hurdles ahead

US pharma giant Pfizer’s (NYSE: PFE) proposed $43 billion ($229 per share) acquisition of Seagen (Nasdaq: SGEN) has won approval from the latter’s shareholders.

More than 99% of the shares voted at the meeting, representing around 88% of the shares of Seagen common stock issued and outstanding as of the record date for the special meeting, were voted in favor of the proposal to adopt the merger agreement.

“We are pleased with the outcome of today’s special meeting vote to approve Seagen’s acquisition by Pfizer and thank our stockholders for their support for this compelling transaction,” said David Epstein, chief executive of Seagen. “The affirmative vote brings us one step closer to joining with Pfizer to accelerate our ability to deliver transformative cancer medicines to more patients in need around the world,” he added.