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Pfizer acquires cancer biotech Seagen for US$43bn

The boards of directors of both companies have unanimously approved the transaction

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Pfizer has agreed to acquire biotech company Seagen for a total enterprise value of US$43bn to accelerate innovation in cancer care.

The pharma giant and the cancer innovator Seagen have entered into a definitive merger agreement under which Pfizer will spend US$229 in cash per Seagen share for a total enterprise value of US$43bn.

The boards of directors of both companies have unanimously approved the transaction.

“Pfizer is deploying its financial resources to advance the battle against cancer, a leading cause of death worldwide with a significant impact on public health,” said Dr Albert Bourla, Pfizer chairman and CEO.

“Together, Pfizer and Seagen seek to accelerate the next generation of cancer breakthroughs and bring new solutions to patients by combining the power of Seagen’s antibody-drug conjugate (ADC) technology with the scale and strength of Pfizer’s capabilities and expertise.”

He added: “Oncology continues to be the largest growth driver in global medicine, and this acquisition will enhance Pfizer’s position in this important space and contribute meaningfully to the achievement of Pfizer’s near- and long-term financial goals.”

Seagen expects to generate approximately US$2.2bn of revenue in 2023, representing 12 per cent year-over-year growth, from its four in-line medicines, royalties and collaboration and license agreements.

When combining the expected strong growth trajectories for these medicines with candidates that could emerge from Seagen’s pipeline, subject to clinical trial and regulatory success, Pfizer believes the biotech could contribute more than US$10bn in risk-adjusted revenues in 2030, with potential significant growth beyond 2030.

Seagen is a pioneer in ADC technology, with four of the twelve total FDA-approved and marketed ADCs using its technology industry-wide.

ADCs are a transformative modality that is emerging as a powerful tool across a broad range of cancers designed to preferentially kill cancer cells and limit off-target toxicities.

Its portfolio also includes TIVDAK (tisotumab vedotin), a prescription medicine indicated for the treatment of adult patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy.

Worldwide, cervical cancer is the fourth most frequent cancer in women with an estimated 604,000 new cases in 2020.

David Epstein, Seagen CEO, said: “Pfizer shares our steadfast commitment to patients, and this combination is a testament to the passion, dedication and talent of the Seagen team to achieve our mission to discover, develop, and commercialise transformative cancer medicines that make a meaningful difference in people’s lives.

“The proposed combination with Pfizer is the right next step for Seagen to further its strategy, and this compelling transaction will deliver significant and immediate value to our stockholders and provide new opportunities for our colleagues as part of a larger science-driven, patient-centric, global company.”

Pfizer Oncology has a portfolio of 24 approved cancer medicines that generated US$12.1bn in 2022 revenues, including the best-selling therapies for metastatic breast cancer.

Chris Boshoff, Pfizer chief development officer oncology and rare disease, said: “Over the past decade we’ve taken bold new approaches to translating scientific research into effective medicines for people living with cancer, and we have pioneered several breakthroughs in breast cancer, genitourinary cancer, haematological malignancies and precision medicine.

“The addition of Seagen’s world-leading ADC technology will position us at the forefront of innovative cancer care, and strongly complements our existing portfolio across both solid tumours and haematologic malignancies.”

Pfizer expects to finance the transaction substantially through US$31bn of new, long-term debt, and the balance from a combination of short-term financing and existing cash.

The companies expect to complete the transaction in late 2023 or early 2024, subject to fulfilment of customary closing conditions, including approval of Seagen’s stockholders and receipt of required regulatory approvals.

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Firm secures US$1.9m grant to support women entrepreneurs in Africa

eha Impact Ventures aims to support women-owned small- and medium-sized enterprises

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Evelyn Castle, chief executive officer at eHA Impact Ventures / Source: evelyncastle.com

The impact investing enterprise eHA Impact Ventures (EIV) has been awarded a US$1.9m grant from the non-profit organisation eHealth Africa (eHA) to support women entrepreneurs in Africa.

eHA’s board of directors approved the donation as part of its effort to “strengthen” healthcare delivery systems and support vulnerable populations.

The grant, the organisation said, will be deployed to “upscale” women-funded companies to improve the health and wealth of African women, their families and their communities.

The donation is hoped to address the US$42bn funding gap for women entrepreneurs in Africa and help female founders have better access to funding opportunities.

In addition, the funds are expected to support health interventions like the pre-screening of cervical cancer and improve delivery of blood and blood products to healthcare facilities.

“The grant will be instrumental in boosting the economic capacity of women across Africa by supporting high-impact women-owned businesses,” said Evelyn Castle, chief executive officer at EIV, who founded the firm in 2021.

“Furthermore, it will [help us] upscale funding, mentorship and training programmes to help women create thriving businesses that drive economic growth in their communities.”

My Le, board executive at eHealth Africa, said: “These donations could not have come at a better time as  women continue to struggle to meet up with both health and economic demands. Thus we are optimistic that the funds will go a mile in bridging fiscal gaps for women and other vulnerable groups to lead healthier lives.

“Supporting women will go a long way in not just improving their societal impact but also contribute immensely to sustainable development especially in the African region.”

Recognising women’s “vital” role in building strong health systems, Atef Fawaz, CEO of eHealth Africa, added: “We acknowledge the profound impact women have in strengthening healthcare systems, aligning with our vision at eHealth Africa.”

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Menstrual product wins innovation award in Switzerland

Egal’s innovation consists of a roll of pads that operates in a similar fashion to a toilet paper roll and comes in its own dispenser

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Penelope Finnie, chief executive officer at Egal

Pads on a Roll, a menstrual product that can be dispensed in public stalls similar to a toilet paper roll, has won a prestigious award at the Women’s Health Innovation Summit Europe in Basel. 

Each year the Women’s Health Innovation Summit (WHIS) helps promising start-ups raise their brand awareness and pitch their solutions in front of investors and industry leaders.

Egal, the company behind Pads on a Roll, has been honoured with this year’s Women’s Health Innovation award after the WHIS selection committee recognised the start-up as an innovative company poised to disrupt the European women’s health landscape.

“Egal Pads is so honoured to have been chosen for the Women’s Health Innovation Award,” Penelope Finnie, Egal chief executive officer, told Femtech World.

“The other nine finalists were amazing companies run by wonderful people. The whole conference was a testament to the importance of the femtech movement.

“For us, it was particularly exciting as the EU is the next market we are focusing on. We hope that having period products available in stalls just like toilet paper is, will become the norm as it is necessary for equality.

“We also hope that by winning, it brings attention to this easily solved but long ignored issue,” Finnie added.

Egal’s innovation consists of a roll of pads that operates in a similar fashion to a toilet paper roll and comes in its own dispenser.

Egal aims to sell Pads on a Roll to universities and public schools

Each roll contains 40 pads and can be placed directly in stalls, unlike the typical tampon dispensers that often require money to access the products and are located outside the stall.

The pads are less expensive to maintain than products in vending machines because they are easier to refill, and require less space and packaging.

Research shows that 20 percent of girls in the US and UK have missed school due to lack of access to period products, with more than 90 per cent of menstruators having experienced jammed, broken or empty dispensers in public toilets.

Egal aims to solve this issue by selling Pads on a Roll to universities and public schools.

The Boston-based company has done pilots at various universities across the US and is hoping to develop a flushable version of the product in the future.

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‘It’s hard to stay healthy’- experts raise alarm over ‘pervasive’ economic challenges in US

A report highlighting women’s struggle with economic stress in the US has prompted experts to demand change

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Experts have raised concerns over the “pervasive” economic and health challenges women in the US are facing, after a damning report exposed significant financial stress.

national survey of women over 25 has found that American women face significant economic stress, with half of women reporting feeling “uncertain” or “worried” when thinking about how to pay for healthcare later in life and low-income and rural women reporting challenges to staying healthy today.

The report, which highlighted financial difficulties among women for the second year in a row, has prompted experts to speak out and demand change.

“The recent findings from the National Council on Aging (NCOA) and Women’s Institute for a Secure Retirement (WISER) underscore the pervasive economic and health challenges confronting American women, particularly those from low-income and rural communities,” Georgie Kovacs, women’s health expert and founder of Fempower Health, told Femtech World.

“Many women juggle caregiving responsibilities for their children while managing employment, often in environments that offer limited support.

“The scarcity of healthy food options in low-income areas, coupled with restricted access to essential healthcare services, exacerbates their daily struggles, impacting both their mental and physical health and that of their families.”

Underlining the “profound” impact of the menopause transition, Kovacs said women across the country are in desperate need of enhanced workplace policies and better access to specialised care.

“Our approach to addressing these challenges cannot be piecemeal – we require comprehensive systems that integrate childcare, health services, job security and mental health support, ensuring that no aspect of a woman’s health is overlooked,” she explained.

“It is imperative that we view the economic insecurities faced by women through a holistic lens, recognising the interconnectedness of health, employment and wellbeing.

“It’s time for all stakeholders, including government bodies and private sectors, to unite in crafting and implementing solutions that are as multifaceted as the lives of the women they aim to support.”

Katie Higgins, chief commercial officer at fertility benefits platform Progyny, called on employers to do more to support women, arguing that the pressure of financial uncertainty could “erode” self-esteem, strain relationships and compound parental stress.

“Balancing financial pressures with caregiving responsibilities can heighten feelings of guilt and inadequacy, impacting maternal mental health.

“Employers play a vital role in empowering women to prioritise their health without financial barriers through comprehensive benefits that include family building, fertility, maternal leave and menopause.”

Lois Quam, chief executive officer at sexual and reproductive health organisation Pathfinder International, noted that there is an important connection between health and income, meaning that women with the least financial resources often find themselves unable to access health services and modern innovations.

“From rural areas to the wealthiest cities in the world, women everywhere are being left behind. In the US and globally, they get paid and promoted less than men and leave the workforce at greater numbers to raise their children.

“Closing the gender pay gap could help keep women in the workforce, especially when childcare is so costly and inaccessible,” she told Femtech World.

Author and women’s health expert, Dr Mindy Pelz, encouraged women to “take control” of their health.

“It’s hard to stay healthy, even without the added pressure of economic stress,” she said.

“Many women just can’t rely on the American healthcare system to take care of them. That’s why I’m such an advocate for taking your health into your own hands.

“Simple lifestyle changes like intermittent fasting, meditation, cold exposure, walking 10,000 steps a day, avoiding electronics before bed might seem small on their own, but if you add them together and are consistent with them over time, they can make a huge difference.”

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