Pfizer’s acquisition of Seagen receives all regulatory approvals

Pfizer (PFE) announces that the waiting period under the HSR Antitrust Improvements Act of 1976 expired December 11, with respect to Pfizer’s pending acquisition of Seagen (SGEN). Pfizer and Seagen have now received all required regulatory approvals to complete the acquisition. Pfizer expects to close the acquisition of Seagen on December 14, subject to the satisfaction of other customary closing conditions. To address FTC concerns, Pfizer has chosen to irrevocably donate the rights of royalties from sales of Bavencio in the U.S. to the American Association for Cancer Research. Pfizer also announced changes in its commercial organization to incorporate Seagen. Pfizer will create an end-to-end business organization called the Pfizer Oncology Division, which will integrate certain oncology commercial and R&D operations from both companies and will be led by Dr. Chris Boshoff, who will become Chief Oncology Officer, Executive VP, and continue reporting to CEO Albert Bourla. Pfizer will split its non-oncology commercial organization into two more focused business divisions: the Pfizer U.S. Commercial Division, which will be led by Aamir Malik, who will become Chief U.S. Commercial Officer, Executive VP, and continue reporting to Bourla; and the Pfizer International Commercial Division, which will be led by Alexandre de Germay, who will join Pfizer as Chief International Commercial Officer, Executive VP, and will report to Bourla. The new organization structure will go into effect January 1, 2024. Angela Hwang, Chief Commercial Officer, and President, Global Biopharmaceuticals Business will be leaving Pfizer.