Pfizer also announced changes in its commercial organisation to incorporate Seagen by creating a new end-to-end business arm called the Pfizer Oncology Division
Pfizer gets green light for Seagen’s acquisition. (Credit: Mat Napo on Unsplash)
American pharmaceutical company Pfizer has obtained all the necessary regulatory approvals to close the $43bn acquisition of cancer drugmaker Seagen.
Pfizer said that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired on 11 December 2023, with respect to the deal.
The acquisition is expected to be completed on 14 December 2023, subject to the closing of other customary closing conditions.
Pfizer also announced changes in its commercial organisation to incorporate Seagen by creating a new end-to-end business arm called the Pfizer Oncology Division.
The new division will combine certain oncology commercial and R&D operations from both firms and will be led by Chris Boshoff, who will become chief oncology officer and executive vice president. Boshoff will continue reporting to Pfizer chairman and CEO Dr Albert Bourla.
Pfizer will also split its non-oncology commercial company into two business divisions, the Pfizer US Commercial Division and the Pfizer International Commercial Division.
Pfizer US Commercial Division will be led by Aamir Malik, who will become chief US commercial officer, and executive vice president, and continue reporting to Dr Bourla.
Pfizer International Commercial Division will be led by Alexandre de Germay, who will join Pfizer as chief international commercial officer and executive vice president and will report to Dr Bourla.
The new structure is anticipated to go into effect on 1 January 2024.
In addition, Pfizer said its chief commercial officer and president of the global biopharmaceuticals business Angela Hwang will step down.
Dr Bourla said: “The completion of all regulatory reviews in association with the Seagen acquisition supports our belief that this transaction is good for patients in the battle against cancer.
“With the anticipated Seagen closing in the coming days, Pfizer has announced changes to the company’s commercial structure designed to maximise the impact of this transaction and enhance our commercial execution across all the company’s therapeutic areas.”
Recently, Pfizer has decided to permanently provide the American Association for Cancer Research (AACR) the rights to royalties on sales of Bavencio (avelumab) in the US in response to concerns raised by the US Federal Trade Commission.
With the help of this unrestricted donation, AACR will sponsor cancer research, scientific policy, research, teaching, and collaboration to prevent and cure cancer.