Pfizer’s (NYSE:PFE) $43 billion planned acquisition of cancer-drug maker Seagen (NASDAQ:SGEN) may be closing in on its final moments. This comes after reports that the pharma giant has submitted the required documents to the Federal Trade Commission.
CNBC’s David Faber, who has been the go-to person for information on the deal, said on Monday that Pfizer will let the FTC know it has complied with the regulator’s second request for the Seagen deal in the coming days. The recent development follows an earlier update from Faber that Pfizer is expected to certify compliance with the FTC over the acquisition deal in two to three weeks.
On European shores, Pfizer has more clarity as to when to hear back from the regulators. The European Commission has set Thursday as the deadline to complete its initial evaluation of the acquisition deal. The European antitrust investigation came after the FTC made a second request for more documents in July.
Meanwhile, business is not looking too good for Pfizer, who slashed its expected 2023 revenue by $9 billion on Friday and hinted at possible layoffs as it moves to restructure its business. The company said the decline in demand for vaccines prompted the moves. However, Pfizer reassured that the recent developments wouldn’t affect the acquisition deal.
What is the Target Price for PFE?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on PFE stock based on five Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average PFE price target of $43.33 per share implies a 28.59% upside potential.
