Seagen price target raised to $229 from $141 at SVB Securities

SVB Securities analyst Andrew Berens raised the firm’s price target on Seagen (SGEN) to $229 from $141 and keeps a Market Perform rating on the shares after the company announced an agreement under which Pfizer (PFE) will acquire Seagen for $229 per share, with an expected total deal value of $43B. At this juncture, the firm would not anticipate a higher bid to emerge. SVB Securities sees few significant risks to the deal’s closure, though it does note that Pfizer may need to divest Bavencio alliance revenue to avoid antitrust issues potentially arising from the Bavencio and Padcev overlap in 1L bladder cancer.