Shares of pharmaceutical giant Pfizer (NASDAQ:PFE) traded lower on Thursday even though the company got the regulatory go-ahead from the European Commission for its planned $43 billion acquisition of Seagen (NASDAQ:SGEN).
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Importantly, the European antitrust regulator gave the two companies unconditional approval to proceed with the deal. “Based on its market investigation, the Commission found that the merger would not significantly reduce competition in the markets where their activities overlap within the EEA,” the regulator said in the statement.
As previously reported, the European Commission had set Thursday as the deadline to complete its initial evaluation of the deal. With that out of the way, investors’ attention now turns to the U.S., where the $43 billion deal’s prolonged regulatory travel is expected to end.
Reports stated that Pfizer is in compliance with the regulatory asks of the deal. Should the U.S. regulator green-light the deal, it would mark the end of a journey that started back in March when Pfizer announced the acquisition for $299 per share in cash.
What is the Target Price for PFE Stock?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on PFE stock based on four Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average Pfizer price target of $36.80 per share implies 17.33% upside potential.
