The multinational pharmaceutical company, Pfizer, has made significant workforce adjustments in its Bothell, Washington location. According to a filing with the state’s Employment Security Department, the company has laid off 100 employees. This move follows Pfizer’s acquisition of cancer drugmaker Seagen in 2023, which led to a notable expansion of its operations in the area.
Pfizer’s presence in the Seattle region has grown to employ approximately 1,667 individuals since acquiring Seagen. This development marked a significant milestone for the pharmaceutical giant, solidifying its position in the local market.
Earlier this year, Pfizer made the decision to discontinue the development of an antibody-drug conjugate (ADC) linked to the Seagen acquisition. This strategic shift resulted in a $1 billion impairment charge for the company, reflecting the complexities of integrating new technologies and products into its portfolio.
In a previous instance, Pfizer halted the construction of a new manufacturing facility in Bothell, Washington, which Seagen had been developing near its headquarters. This decision led to the layoff of approximately 120 employees at the time, indicating the challenges faced in aligning business strategies and operations.
Originally established in 1998 as Seattle Genetics, Seagen was a key player in pioneering the development of antibody-drug conjugates (ADCs), a novel class of cancer therapies. With a focus on delivering targeted treatments directly to cancer cells, Seagen had four oncology drugs in its portfolio at the time of acquisition by Pfizer.
At the time of the acquisition, Seagen boasted a workforce of 3,300 employees, making it the largest biotech company in the Seattle area. This acquisition marked a significant milestone for Pfizer, expanding its capabilities in the oncology sector and strengthening its position in the competitive biotech landscape.
