Pfizer and Seagen have received all required regulatory approvals to complete the $43 billion acquisition, which will close on December 14, 2023, announced Pfizer.
The biggest biopharma deal of the year, first announced in March, will add Seagen's four approved cancer drugs, as well as an extensive ADC pipeline, to Pfizer's already robust 24-product oncology arsenal.
One of the assets that raised anti-competitive flags was Pfizer’s bladder cancer immunotherapy, Bavencio, especially after Seagen's ADC, Padcev, was approved in combination with Merck's Keytruda for advanced bladder cancer. Pfizer seemingly anticipated the issue back in March, when it handed the worldwide commercialization rights for Bavencio back to partner Merck, in a deal that left Pfizer with 15% royalties on net sales of the drug.
Now, to placate FTC concerns, Pfizer says it will donate the rights of royalties from sales of Bavencio in the U.S. to the American Association for Cancer Research.
Additionally, in order to "incorporate Seagen and improve focus, speed and quality of execution," Pfizer has unveiled changes in its commercial organization. The drugmaker 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.
Pfizer will also split its non-oncology commercial organization into two more focused business divisions: the Pfizer U.S. Commercial Division and the Pfizer International Commercial Division.
