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Pharmaceutical company Pfizer has announced that it is acquiring Seagen, a biotech developer based in Washington, in a deal worth $43 billion.

Seagen specializes in antibody drug conjugate technology, with a focus on monoclonal antibodies that can target cancer cells while sparing healthy cells.

Pfizer will pay $229 per share of Seagen, which already has 24 drugs approved to fight cancer in its portfolio.

The acquisition is part of Pfizer’s ongoing efforts to improve access to effective cancer treatments.

The company plans to allow Seagen to continue its innovative work in the field of cancer treatment.

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