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Pfizer Inc. said it secured regulatory approval for its $43 billion acquisition of cancer drugmaker Seagen. The approval comes after Pfizer addressed concerns from U.S. antitrust regulators by agreeing to donate the royalty rights from sales of the cancer drug Bavencio to the American Association for Cancer Research.
The multinational pharmaceutical company stated that it received all necessary regulatory approvals to conclude the acquisition on Thursday, marking the culmination of a process that began approximately nine months ago when the acquisition was first announced in March.
As part of its strategic moves following the acquisition, Pfizer revealed plans to establish a dedicated cancer drugs operation. Additionally, the company will reorganize its commercial business into two divisions—one focused on the United States and the other on the rest of the world.
The restructuring includes the departure of Chief Commercial Officer Angela Hwang, and the appointment of Chief Business Innovation Officer Aamir Malik as the commercial chief for the U.S. unit. Alexandre de Germay will assume the role of commercial chief for the international unit.
One significant aspect of the regulatory approval involves Pfizer’s decision to donate the royalty rights of the immunotherapy drug Bavencio to the American Association for Cancer Research. In March, Pfizer relinquished the development and commercialization rights of Bavencio to its partner, Merck KGaA, while retaining a 15% royalty on net sales of the drug. Bavencio generated sales of $271 million for Pfizer in 2022.
This move is seen as a proactive measure to address antitrust concerns and underscores Pfizer’s commitment to navigating regulatory hurdles associated with significant acquisitions.
Seagen, based in Washington, is recognized for its pioneering work in antibody-drug conjugates, a technology designed to selectively target and destroy cancer cells while minimizing harm to healthy cells.
With the regulatory pathway cleared, Pfizer is poised to integrate Seagen’s targeted cancer therapies into its portfolio, further solidifying its position in the rapidly evolving oncology space. The company is expected to unveil its 2024 forecast and discuss its new organizational structure in an upcoming conference call.
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