Healthcare companies rose amid consolidation in the sector.
Pfizer agreed to pay $43 billion for biotech Seagen and its pioneering class of targeted cancer drugs. The deal is likely to face scrutiny from antitrust regulators, who have stepped up their reviews of healthcare and other deals.
The agreement is an early sign that, despite the threat of close antitrust examinations and higher interest rates, big pharmaceutical companies are poised for heavy deal-making this year.
Meanwhile, Sanofi said it has entered an agreement to acquire U.S.-based biopharmaceutical company Provention Bio Inc. for around $2.9 billion, or $25 a share.
Carl Icahn is preparing a proxy fight at Illumina, arguing the biotechnology company cost its shareholders roughly $50 billion by plowing ahead with a risky acquisition despite opposition from regulators.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
03-13-23 1657ET
