By On Tuesday, Pfizer announced its anticipation to finalize the $43 billion acquisition of Seagen this week. Additionally, Pfizer plans to establish a new oncology division encompassing this acquisition in early next year.
Pfizer announced the departure of Chief Commercial Officer Angela Hwang. They also plan to divide its commercial enterprise, excluding oncology. The split involves two divisions, with one concentrating on the United States and the other on global markets.
October aw Pfizer reducing its annual revenue prediction by 13%, announcing a $3.5 billion expense and job reduction due to lower COVID-19 vaccine and treatment sales.
Now, Pfizer plans to reveal its 2024 forecast and discuss its new structure in a conference call on Wednesday. Chris Boshoff, overseeing cancer research and development at Pfizer, will lead the oncology division, reporting to CEO Albert Bourla.
Aamir Malik, Pfizer’s Chief Business Innovation Officer, will lead the U.S. commercial unit, while Alexandre de Germay assumes the role of commercial chief for the international unit.
Pfizer confirmed the expiration of the antitrust waiting period for the Seagen deal, securing all required regulatory approvals for the closure of the acquisition on Thursday, about 9 months after its announcement.
The New York-based pharmaceutical company agreed to transfer royalties from Bavencio sales to the American Association for Cancer Research, addressing concerns raised by U.S. antitrust regulators.
In March, Pfizer relinquished the Bavencio development and commercialization rights to Merck KGaA (MRCG.DE), securing a 15% royalty on net sales.
Pfizer’s Bavencio generated $271 million in sales in 2022, a key factor amidst declining COVID product sales.
Amidst preparations for the decline in COVID product sales, Pfizer announced the acquisition in March.
In July, the U.S. Federal Trade Commission (FTC) sought further details on the Seagen deal. The FTC refrained from commenting on Pfizer’s Tuesday announcement.
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