Pfizer Is Targeting an Acquisition That Could Be a Game Changer for Its Business
A big challenge for healthcare giant Pfizer (NYSE: PFE) is going to be replacing revenue from its COVID-19 vaccine this year and beyond. While it has a strong pipeline that can potentially help generate some growth for its business in the long run, the company knows that alone likely won't be enough.
One way to accelerate the growth has been by seeking out acquisitions that can bolster its revenue quickly. The company has already been involved in multiple acquisitions over the past few years, but there's one that it's reportedly eyeing that could be a big one and a potential game-changer for its business.
According to a report from The Wall Street Journal, Pfizer is in talks to buy biotech company Seagen (NASDAQ: SGEN) for more than $30 billion. Last year, Merck was looking to buy Seagen, and at the time, the purchase price was expected to be around $40 billion. However, the stock market's decline has put pressure on valuations across the board.
Source Fool.com
