Pfizer's Mega $43B Acquisition of Seagen Gets Green Light, Paving the Way for Cancer Research Breakthroughs
Pfizer secures approval for $43 billion acquisition of Seagen, addressing antitrust concerns by donating royalties and creating a new oncology division, while restructuring its non-oncology business. Chief Commercial Officer steps down.
Pfizer is set to finalize its $43 billion acquisition of cancer drugmaker Seagen later this week, after receiving approval from U.S. antitrust regulators. In order to address antitrust concerns, Pfizer has agreed to donate royalties from U.S. sales of bladder cancer drug Bavencio to the American Association for Cancer Research. The acquisition is expected to close on Thursday, and Pfizer will establish a new oncology division in early 2024, led by Chris Boshoff.
But nobody cares, b/c of the cancelled Pompe deal yesterday, right?
— Bertrand Delsuc (@BertrandBio) December 12, 2023
Pfizer $PFE Receives All Required Regulatory Approvals to Complete the Acquisition of Seagen $SGEN https://t.co/emWCrscUxL
The company is also restructuring its organization, splitting its non-oncology commercial business into two divisions—one for the U.S. and one for the rest of the world. As part of this restructuring, Chief Commercial Officer Angela Hwang will be stepping down. Pfizer's CEO, Albert Bourla, praised Hwang for her "vast achievements and unforgettable legacy." The Seagen deal, which was announced in March, is the largest M&A deal in biopharma since AbbVie's acquisition of Allergan in 2019. Pfizer expects the products brought by Seagen to generate $10 billion in additional annual revenues by 2030.