Pfizer (PFE) said Tuesday it expects to close its planned acquisition of Seagen (SGEN) on Thursday as it has received all required regulatory approvals.
The company said it plans to donate the royalty rights from US sales of Bavencio to the American Association for Cancer Research in a bid to address antitrust concerns raised by the US Federal Trade Commission.
The pharmaceutical company said it will adapt its commercial organization to integrate Seagen, effective Jan. 1. This involves forming the Pfizer Oncology Division, which will integrate certain oncology commercial and R&D functions from both companies and be led by Chris Boshoff as chief oncology officer.
Pfizer said it will split its non-oncology commercial operations into two divisions: Pfizer US Commercial, led by Aamir Malik as chief US commercial officer, and Pfizer International Commercial, headed by Alexandre de Germay as chief international commercial officer. Germay most recently served as CEO of Laboratoires Majorelle, the company said.
Pfizer also said its chief commercial officer Angela Hwang will be leaving the company but will continue as an advisor to support the transition to the new organizational structure.