Needham downgrades Seagen, says competing bid unlikely

Needham downgraded Seagen (SGEN) to Hold from Buy without a price target after Pfizer (PFE) announced it will acquire Seagen for $229 in cash per share. The analyst believes a higher competing offer is unlikely. In addition, the timeline to deal clearance could be one year or longer given the "more aggressive" Federal Trade Commission, the analyst tells investors in a research note. The firm believes the deal has a high likelihood of going through but expects a "notable deal spread" for Seagen shares until the acquisition closes.