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Pfizer gains unconditional EU antitrust nod for proposed USD 43 billion Seagen acquisition
"The proposed merger would not raise competition concerns," the EU antitrust watchdog said in a statement.
Brussels: U.S. pharmaceutical company Pfizer has gained unconditional EU antitrust approval for its proposed $43 billion acquisition of cancer drug maker Seagen.
Pfizer announced the deal in March, its largest purchase in a string of recent acquisitions thanks to a once-in-a-lifetime cash windfall from its COVID-19 vaccine and treatment.
The European Commission said the deal would not significantly reduce competition in the 27-country European Union nor would it have a negative impact on prices.
Read also: Pfizer USD 43 billion bid for Seagen to be decided by EU antitrust regulators
"The proposed merger would not raise competition concerns," the EU antitrust watchdog said in a statement.
Washington-based Seagen is a pioneer of antibody-drug conjugates, which work like "guided missiles" designed to destroy cancer while sparing healthy cells.
Read also: EU medicines regulator recommends conditional marketing nod for Pfizer blood cancer therapy
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751