In Pfizer's $43B acquisition of Seagen, the biotech's patience paid off

In May of last year, after Seagen rejected Merck’s offer to acquire it for $230 per share, the Seattle biotech saw its value tumble. Just three months later, Merck’s offer had dropped to $195 per share.

But playing the waiting game—and courting another global pharmaceutical powerhouse—worked out favorably for Seagen.