Pfizer to buy cancer biotech Seagen for $43 billion

Pharmaceutical giant Pfizer has agreed to buy leading cancer drugmaker Seagen for $43 billion (£36 billion) in cash. The biotech, based outside Seattle, US, is one of the pioneers in antibody-drug conjugates (ADCs).

Most ADCs use a chemical linker to join an antibody, for tumour targeting, to a potent toxic agent, for killing cancer cells. This offers a more targeted approach than traditional chemotherapy, with greater efficacy and fewer side effects.