Pfizer has obtained necessary regulatory approvals to conclude the acquisition of biotechnology company Seagen for $43bn in cash.
The waiting period for acquisition under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired on 11 December 2023.
Pfizer plans to conclude the deal on 14 December 2023.
The companies had signed a definitive merger agreement nine months earlier, in March.
The US Federal Trade Commission (FTC) then sought additional information from Pfizer and Seagen on the prospective merger, Seagen revealed in a Securities and Exchange Commission (SEC) filing in July.
To address the FTC’s concerns, Pfizer will donate the royalty rights from sales of Bavencio (avelumab) in the US to the American Association for Cancer Research.
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By GlobalData
In October 2023, Pfizer received unconditional approval from the European Commission for a prospective takeover of Seagen after concluding an investigation into the merger.
Pfizer chairman and CEO Dr Albert Bourla stated: “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.
“With the anticipated Seagen closing in the coming days, Pfizer has announced changes to the company’s commercial structure designed to maximise the impact of this transaction and enhance our commercial execution across all the company’s therapeutic areas.”
Pfizer will also make amendments to its commercial organisation and enhance focus and performance quality.
The company will create the Pfizer oncology division, merging the oncology-related commercial activity and the research and development of both companies.
The newly created business organisation will be led by Dr Chris Boshoff as chief oncology officer and executive vice-president.
Pfizer will divide its non-oncology commercial business into two units, namely the Pfizer US commercial division and the Pfizer international commercial division.
Aamir Malik will lead the Pfizer US commercial division as chief US commercial officer and executive vice president.
Alexandre de Germay will lead the international commercial unit as chief international commercial officer and executive vice president.
The new structure comes into effect on 1 January 2024.
