Pfizer Inc. said on Tuesday that it has received all the regulatory approvals to finish the the $43 billion acquisition of Seagen. The companies are expected to close the agreement on December 14, 2023.
According to the company, to address the concerns of the US Federal Trade Commission, Pfizer has opted to donate royalties from sales of Bavencio (avelumab) to the American Association for Cancer Research (AACR). In addition, the firm said it would create a distinct cancer drug operation and split the rest of its commercial business into two divisions, one centered in the United States and the other in the rest of the world.
"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," said Dr. Albert Bourla, Pfizer Chairman and Chief Executive Officer.
