Pfizer Strikes $19 Billion Oncology Deal With Daiichi-Sankyo
The combination consolidates the antibody-drug conjugate franchise and signals a strategic pivot for Pfizer's post-pandemic portfolio.
Pfizer announced this morning a definitive agreement to acquire Daiichi-Sankyo's antibody-drug conjugate franchise for $19 billion in cash, the largest pharma transaction of the year and the most consequential strategic move under chief executive Albert Bourla in three years.
The deal consolidates control of one of the most clinically validated ADC platforms in oncology, including a co-development relationship with AstraZeneca that will be unwound as a condition of closing.
Antitrust scrutiny is expected to be substantial in both the United States and the European Union, but neither Pfizer nor Daiichi-Sankyo currently market overlapping commercial assets in the relevant indications.
The transaction is expected to be modestly accretive to Pfizer's adjusted EPS in 2027 and meaningfully accretive thereafter, helping to offset the looming patent cliff facing several of the company's blockbuster franchises.
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