PFIZER INC true 0000078003 0000078003 2023-12-14 2023-12-14 0000078003 us-gaap:CommonStockMember 2023-12-14 2023-12-14 0000078003 us-gaap:DeferrableNotesMember 2023-12-14 2023-12-14
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 14, 2023
PFIZER INC.
(Exact name of registrant as specified in its charter)
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| Delaware |
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1-3619 |
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13-5315170 |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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| 66 Hudson Boulevard East |
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10001-2192 |
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| New York, New York |
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(Zip Code) |
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(Address of principal executive offices)
Registrant’s telephone number, including area code:
(212) 733-2323
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading
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Name of each exchange on which registered |
| Common Stock, $0.05 par value |
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PFE |
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New York Stock Exchange |
| 1.000% Notes due 2027 |
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PFE27 |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
EXPLANATORY NOTE
On December 14, 2023, Pfizer Inc. filed a Current Report on Form 8-K with Items 2.01, 7.01 and 9.01 (the “Original Report”). Due to a clerical error, the submission header coding in the Original Report inadvertently referred to Item 2.02 on EDGAR and not to Item 2.01. This Amendment No. 1 on Form 8-K/A is being filed for the sole purpose of correcting the submission header coding to refer to Items 2.01, 7.01 and 9.01. All disclosures contained in the Original Report remain unchanged.
| Item 2.01 |
Completion of Acquisition or Disposition of Assets. |
Pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated as of March 12, 2023, by and among Pfizer Inc., a Delaware corporation (“Pfizer”), Aris Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Pfizer (“Merger Sub”), and Seagen Inc., a Delaware corporation (“Seagen”), Merger Sub was merged with and into Seagen (the “Merger”), with Seagen surviving the Merger as a wholly owned subsidiary of Pfizer. The Merger became effective on December 14, 2023 (the “Effective Time”).
At the Effective Time, each issued and outstanding share of Seagen common stock, par value $0.001 per share (the “Seagen Shares”), was converted into the right to receive (without interest) $229.00 in cash (the “Merger Consideration”), subject to limited exceptions set forth in the Merger Agreement, and each outstanding Seagen equity award was either converted into the right to receive the Merger Consideration for each share of Seagen common stock underlying such awards (based on the achievement of any applicable performance metrics as set forth in the Merger Agreement), less applicable tax withholdings, or converted into a Pfizer cash-based award otherwise remaining subject to substantially the same terms and conditions applicable to such Seagen equity award immediately prior to the effective time of the Merger, in each case subject to the terms and conditions of the Merger Agreement.
The foregoing description of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, a copy of which was filed as Exhibit 2.1 to Pfizer’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on March 13, 2023, and is incorporated by reference into this Item 2.01.
| Item 7.01 |
Regulation FD Disclosure. |
On December 14, 2023, Pfizer issued a press release announcing the successful completion of the Merger. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference into this Item 7.01.
The information contained in this Item 7.01 and Exhibit 99.1 hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor will such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
| Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
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Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PFIZER INC. |
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By: |
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/s/ Margaret M. Madden |
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Margaret M. Madden |
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Senior Vice President and Corporate Secretary, Chief Governance Counsel |
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| Dated: December 14, 2023 |
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Exhibit 99.1
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| For Immediate Release December 14,
2023 |
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Media Contact: |
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+1 (212) 733-1226
PfizerMediaRelations@Pfizer.com |
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Investor Contact: |
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+1 (212) 733-4848
IR@Pfizer.com |
Pfizer Completes Acquisition of Seagen
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Further establishes Pfizer as a leading oncology company poised to accelerate the next generation of
breakthrough treatments for people with cancer |
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To address U.S. Federal Trade Commission concerns, Pfizer has chosen to irrevocably donate the rights of
royalties from sales of Bavencio® (avelumab) in the U.S. to the American Association for Cancer Research (AACR) |
NEW YORK, December 14, 2023 – Pfizer Inc. (NYSE: PFE) today announced the successful completion of its acquisition of Seagen
Inc. (NASDAQ: SGEN), a global biotechnology company that discovers, develops and commercializes transformative cancer medicines. Pfizer completed its acquisition of all outstanding common stock of Seagen for $229 in cash per share, for a total
enterprise value of approximately $43 billion.
“Cancer remains a leading cause of death, and one in three people in the U.S. will receive a
cancer diagnosis in their lifetime. With one of the largest investments in Pfizer’s history, we are going all in on cancer with the goal of delivering breakthroughs that drastically improve the lives of people with cancer,” said
Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer. “With Seagen’s proprietary, world-leading Antibody-Drug Conjugate (ADC) technology, together with the scale and strength of Pfizer’s capabilities and expertise, we
are poised to change the cancer treatment paradigm. We believe Oncology will be a significant growth driver for Pfizer and contribute meaningfully to the achievement of our near- and long-term financial goals.”
Seagen is a world-leader in ADC technology, 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. With the addition of Seagen’s four in-line medicines, ADCETRIS® (brentuximab vedotin), PADCEV® (enfortumab vedotin),
TIVDAK® (tisotumab vedotin) and TUKYSA® (tucatinib), Pfizer’s industry-leading Oncology portfolio now includes over 25
approved medicines and biosimilars across more than 40 indications, including nine medicines that are either blockbuster or have the potential to be blockbuster.
With the addition of Seagen, Pfizer’s Oncology pipeline has doubled in size with 60 programs spanning multiple modalities, including ADCs, small
molecules, bispecifics and other immunotherapies. Moving forward, Pfizer will leverage its leading protein engineering and medicinal chemistry capabilities to advance Seagen’s ADC technology, unlocking potential novel combinations and
next-generation biologics.
“This is a great day for Pfizer, and, more importantly, for people living with cancer, as we bring together the
game-changing science and top talent of Seagen and Pfizer to form a leading
Oncology organization,” said Chris Boshoff, Chief Oncology Officer and Executive Vice President, Pfizer. “Driven by science and a passion for improving and extending patients’
lives, together, we will work with urgency towards our common purpose to deliver transformative cancer medicines and bring new hope to people living with cancer everywhere.”
As previously disclosed, to address U.S. Federal Trade Commission concerns, Pfizer has chosen to irrevocably donate the rights of royalties from sales of
Bavencio® (avelumab) in the U.S. to the American Association for Cancer Research (AACR). This unrestricted donation will support AACR in its mission to prevent and cure cancer through
research, education, communication, collaboration, science policy, and funding for cancer research.
Guggenheim Securities, LLC served as Pfizer’s
financial advisor and Wachtell, Lipton, Rosen & Katz and Arnold & Porter Kaye Scholer LLP served as Pfizer’s legal advisors. Centerview Partners LLC served as Seagen’s financial advisor and Sullivan & Cromwell
LLP served as Seagen’s legal advisor. MTS Health Partners also provided financial advice to Seagen.
Prescribing Information for Legacy Seagen
Medicines
Please see full Prescribing Information for
ADCETRIS® (brentuximab vedotin).
Please see full Prescribing Information for
PADCEV® (enfortumab vedotin).
Please see full Prescribing Information for TIVDAK® (tisotumab vedotin).
Please see full Prescribing Information for TUKYSA® (tucatinib).
About Pfizer Oncology
At Pfizer Oncology, we are at the forefront of a new era in cancer care. Our industry-leading portfolio and extensive pipeline includes game-changing
mechanisms of action to attack cancer from multiple angles, including antibody-drug conjugates (ADCs), small molecules, bispecifics and other immunotherapies. We are focused on delivering transformative therapies in some of the world’s most
common cancers, including breast cancer, genitourinary cancer and hematologic malignancies, as well as melanoma, gastrointestinal, gynecological and thoracic cancers, which includes lung cancer. Driven by science, we are committed to accelerating
breakthroughs to extend and improve patients’ lives.
About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set
the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance
wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world’s premier innovative biopharmaceutical companies, we collaborate with health care providers,
governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us. We routinely post information that may be
important to investors on our website at www.pfizer.com. In addition, to learn more, please visit us on and follow us on Twitter at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook
at Facebook.com/Pfizer.
2
Disclosure Notice: The information contained in this press release is as of
December 14, 2023. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
This press release contains forward-looking information about, among other topics, Pfizer’s acquisition of Seagen, Seagen’s ADC technology,
Pfizer’s Oncology portfolio and Seagen’s commercialized and pipeline products, including their potential benefits, anticipated revenue contribution and growth and potential blockbuster status, that involves substantial risks and
uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, risks related to the ability to realize the anticipated benefits of the
acquisition, including the possibility that the expected benefits from the acquisition will not be realized or will not be realized within the expected time period; the risk that the businesses will not be integrated successfully; disruption from
the transaction making it more difficult to maintain business and operational relationships; negative effects of the consummation of the acquisition on the market price of Pfizer’s common stock and/or operating results; significant transaction
costs; unknown liabilities; other business effects and uncertainties and the uncertainties inherent in business and financial planning, including the effects of industry, market, business, economic, political or regulatory conditions; risks related
to Pfizer’s business and prospects, adverse developments in Pfizer’s markets, or adverse developments in the U.S. or global capital markets, credit markets, regulatory environment or economies generally; future exchange and interest rates;
changes in tax and other laws, regulations, rates and policies; future business combinations or disposals; uncertainties regarding the commercial success of Pfizer’s and Seagen’s commercialized and pipeline products; the uncertainties
inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the
possibility of unfavorable new clinical data and further analyses of existing clinical data; risks associated with interim data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities;
whether regulatory authorities will be satisfied with the design of and results from the clinical studies; whether and when drug applications may be filed in any jurisdictions for Pfizer’s or Seagen’s pipeline products; whether and when
any such applications may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s
efficacy and, if approved, whether any such products will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial
potential of such products; uncertainties regarding the impact of COVID-19; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2022 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That
May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.
All trademarks mentioned are the property of their respective owners.
# # #
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