Morgan Stanley analyst Matthew Harrison downgraded Seagen (SGEN) to Equal Weight from Overweight with a price target of $229, up from $173, after Pfizer (PFE) announced an agreement to acquire Seagen for $229 per share for a total amount of $43B. The analyst expects the deal to be completed by the end of 2023 or early 2024. There is minimum overlap between Pfizer’s current pipeline and Seagen’s platform, the analyst tells investors in a research note.
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