New York-based drug giant Pfizer, which has a large research and development presence in Groton, expects its deal to acquire cancer biotech Seagen will be finalized Thursday.
Pfizer originally announced its plans to acquire Seagen, which is headquartered in Bothell, Washington, via a $43 billion deal back in March. Seagen develops and commercializes medicine to fight cancer. At the time, Pfizer said the acquisition would be for $229 in cash per Seagen share.
On Tuesday, Pfizer and Seagen announced they have received all required regulatory approvals to complete the transaction. A waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, expired Dec. 11.
Dr. Albert Bourla, chairman and CEO at Pfizer, said, “The completion of all regulatory reviews in association with the Seagen acquisition supports our belief that this transaction is good for patients in the battle against cancer.”
To address concerns raised by the U.S. Federal Trade Commission, Pfizer will irrevocably donate the rights of royalties from sales of cancer drug Bavencio (avelumab) in the U.S. to the American Association for Cancer Research. The donation will support the association’s efforts to prevent and cure cancer, such as through research, education and policy.
Pfizer anticipates making several organizational and leadership changes in connection with the Seagen acquisition.
Pfizer will create the “Pfizer Oncology Division,” which will integrate oncology commercial and research and development operations from both companies.
Dr. Chris Boshoff will lead this division as chief oncology officer, executive vice president, and report directly to Bourla.
Pfizer also plans to split its non-oncology commercial organization into two business divisions: the U.S. Commercial Division and the International Commercial Division.
Aamir Malik will lead the U.S. Commercial Division as chief U.S. commercial officer, executive vice president. Alexandre de Germay will lead Pfizer’s International Commercial Division as its chief international commercial officer, executive vice president. Both will report to Bourla.
All three will begin transitioning to their new positions once the Seagen acquisition is complete. The new organizational structure will be effective Jan. 1.
