A two-decade bet on Seagen pays off

When Pfizer bought Seagen for $43 billion last year, the hedge fund Baker Bros. Advisors — an early investor in the cancer therapeutics company — hit pay dirt. The firm held a nearly 25% stake in Seagen, and netted about $10 billion from the acquisition. It returned some $8 billion of that to investors — making it one of the industry’s largest returns of capital, the Wall Street Journal writes.