Pfizer Inc is planning to raise $31 billion through its largest debt offering to finance its proposed acquisition of Seagen Inc , the drugmaker said late on Tuesday.
a $43 billion deal in March to acquire Seagen and its targeted cancer therapies as it prepares for a steep fall in COVID-19 sales and generic competition for some top-selling drugs.had in 2019 made a $30 billion debt offering, which was used to finance its $63 billion buyout of Botox maker Allergan. The amount is more than double that of Pfizer's 2009 debt raise of $13.5 billion.
The debt offering, which would be in eight tranches, is expected to close on May 19. Yield to maturity on Pfizer's 10-year bonds would be 125 basis points higher than the benchmark risk-free U.S. 10-year Treasury .
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