Pfizer Inc. has reached a significant milestone in its pending acquisition of Seagen Inc., with all required regulatory approvals obtained. The Hart-Scott-Rodino Antitrust Improvements Act waiting period expired on December 11, 2023, and Pfizer expects to finalize the acquisition on December 14, 2023, contingent on other typical closing conditions.

To alleviate concerns from the U.S. Federal Trade Commission, Pfizer has decided to make an irrevocable donation of the U.S. royalties from sales of Bavencio® (avelumab) to the American Association for Cancer Research (AACR). This contribution will aid the AACR’s mission to advance cancer research, education, communication, and science policy.

With the acquisition, Pfizer is restructuring its commercial organization to improve execution and focus. The company is establishing the Pfizer Oncology Division, which will integrate oncology-specific commercial and R&D operations from Pfizer and Seagen, led by Dr. Chris Boshoff as the Chief Oncology Officer.

Further, Pfizer’s non-oncology commercial operations will be divided into two separate entities: the Pfizer U.S. Commercial Division, headed by Aamir Malik, and the Pfizer International Commercial Division, under the leadership of Alexandre de Germay.

These changes are set to become effective on January 1, 2024, although the three mentioned executives will transition to their new roles immediately after the acquisition is complete. Angela Hwang, Pfizer’s Chief Commercial Officer, is set to leave after a 27-year career at the company, staying on temporarily as an advisor during the transition.

Dr. Albert Bourla, Pfizer Chairman and CEO, expressed his view that the acquisition benefits cancer patients and is positioned to enhance Pfizer’s commercial effectiveness broadly. He also extended his gratitude and recognition to Angela Hwang for her significant contributions and leadership at Pfizer.

Pfizer has also announced a public webcast to discuss both the Seagen acquisition and to provide financial guidance for the full year of 2024, indicating Pfizer’s forward-looking strategy in the wake of this major corporate development.

Source link: http://www.businesswire.com/news/home/20231212889916/en/Pfizer-Receives-All-Required-Regulatory-Approvals-to-Complete-the-Acquisition-of-Seagen

author avatar
Ferry Darma
Ferry Darma is Director of Media Relations at The Clinical Trial Vanguard. Ferry, a computer data scientist, focuses on the latest clinical trial industry news and trends.