Pfizer Shutting Down Seagen Facility Build, Backing Out of 20 Year Lease

March 1, 2024

Everett Economy, Everett Jobs

Seagen, formally called Seattle Genetics, had plans to build a 270,000 square foot facility on 20 acres at 215 Shuksan Way. The facility investment was going to be around $500 million and was expected to operational in the 4th quarter of 2024.

It was supposed to create up to 150 jobs during its construction phase and up to 200 highly skilled jobs in its operational phase. The construction was about 70% complete and Seagen had signed a 20-year lease.

However, Pfizer bought Seagen for $43 billion in an all cash deal, which completed on December 14th of 2023. Just a couple months later, Pfizer decided to put an end to the project and lay off about 120 employees.

Pfizer CEO Albert Bourla had stated this last March during the acquisition announcement: “We are not buying the golden eggs. We are acquiring the goose that is laying the golden eggs. For us, what is extremely important, is that we will maintain the Seagen capability to continue innovating and do so under Pfizer’s umbrellas.”

At this point, is is unclear what will happen with the incomplete facility. Skanska had the contract to build the facility.

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