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Pfizer Inc (NYSE:PFE) agreed to donate the rights of royalties from sales of cancer drug Bavencio (avelumab) to the American Association for Cancer Research to address U.S. Federal Trade Commission concerns related to its $43-billion deal to buy Seagen Inc (NASDAQ:SGEN).
Pfizer said it received all regulatory approvals to close the deal on Thursday, about nine months after announcing the acquisition.
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 Chris Boshoff, who will become Chief Oncology Officer and Executive Vice President.
Pfizer will split its non-oncology commercial organization into two more focused business divisions:
The new organizational structure will go into effect on January 1, 2024.
In March, Germany's Merck KGaA (OTC:MKKGY) regained exclusive worldwide rights to develop Bavencio following the termination of its alliance agreement with Pfizer. The profit share was replaced by a 15% royalty to Pfizer on net sales of Bavencio.
Angela Hwang, Chief Commercial Officer and President Global Biopharmaceuticals Business, will leave Pfizer.
Pfizer will discuss the Seagen acquisition and the new commercial organization and provide full-year 2024 financial guidance in a webcast scheduled for Wednesday, December 13.
Price Action: SGEN shares are up 3.26% at $228.83, and PFE shares are up 0.02% at $28.65 on the last check Tuesday.
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