The Adjacency Expansion · Growth & Portfolio
Pfizer Spent $43 Billion on a $2 Billion Company. It Wasn't Buying Revenue.
Pfizer paid a 33% premium for Seagen, a cancer-drug maker with under $2B in revenue, to plug a $17B patent-cliff hole. The catch: the $10B-by-2030 payoff is Pfizer's own risk-adjusted forecast, not anyone else's math.
7 min