The fourth-largest deal ever, Pfizer is selling $31 billion in bonds to finance the acquisition of Seagen

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This week’s potential record-breaking Pfizer bond offering is expected to continue a busy few weeks for corporate debt transactions. The fourth-largest corporate notes offering in history, a $31 billion blue-chip bond sale by Pfizer began on Tuesday.

The $43 billion acquisition of Seagen, a pharmaceutical company that specializes in cancer medicines, is anticipated to be completed by the pharmaceutical giant when it raises the $31 billion it needs to do so. By the start of next year, Pfizer intends to complete the transaction.

Even if the year-to-date data for investment-grade bond issuance remain trail those from last year, transactions like Pfizer’s are helping to bridge the gap. Bond spreads have remained reasonably low despite a feeling of looming concern about economic growth, indicating that investor demand is still strong.

Pfizer, the pharmaceutical conglomerate, is issuing debt in eight installments to help fund its acquisition of the biotechnology business Seagen Inc. According to the individual, who requested not to be identified because the transaction is private, the longest leg of the deal, a 40-year bond, is likely to yield 1.6 percentage points over Treasuries, down from early negotiations for 1.8 percentage points.

On Monday, Pfizer began selling the acquisition to investors.
The debt offering, which will be divided into eight tranches, is slated to finish on May 19, according to the business, which also stated that Bank of America Securities, Citigroup, Goldman Sachs, and J.P. Morgan are acting as joint lead managers and joint book-running managers and are heading the sale.

Pfizer agreed to pay $43 billion for Seagen and its targeted cancer medicines in March, as it braces for a dramatic drop in COVID-19 sales and generic competition for several top-selling medications.

The corporation has been investing billions of dollars in research and acquisitions to offset a $17 billion revenue impact from patent expirations for leading pharmaceuticals and a fall in demand for COVID-19 products by 2030.

Pfizer Long (Buy)
Enter At: 39.23
T.P_1: 43.97
T.P_2: 47.97
T.P_3: 52.04
T.P_4: 55.04
T.P_5: 58.65
T.P_6: 60.66
T.P_7: 63.88
T.P_8: 68.88
S.L: 32.22

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