Pfizer, close to completing the purchase of Seagen. The pharmaceutical company, which decided to acquire the biotechnology company that produces, develops and markets transformative anti-cancer products for $43 billion last March , has announced that it has received all the necessary regulatory approvals to complete its acquisition. Therefore, Pfizer expects to close the Seagen transaction on Thursday, December 14, subject to the satisfaction of other customary closing conditions.
To make this closure possible and address concerns from the US Federal Trade Commission, Pfizer has chosen to donate royalty rights from sales of Bavencio (avelumab) in the North American market to the American Association for Cancer Research ( Aacr). This unrestricted donation will support Ascr in its mission to prevent and cure cancer through research, education, communication, collaboration, science policy, and cancer research funding.
Along these same lines, the pharmaceutical company announces changes in its commercial organization to incorporate Seagen and improve the focus, speed and quality of execution. Pfizer will create an end-to-end commercial organization called Pfizer Oncology Division, which will integrate certain commercial and oncology research and development (R&D) operations of both companies.
Additionally, it will split its non-oncology business organization into two more focused business areas: the Pfizer U.S. Business Division and the Pfizer International Business Division.
Read more about the acquisition of Seagen by Pfizer and find the latest business news of the day with our companion app Born2Invest.
Pfizer expects Seagen to contribute $10 billion in revenue by 2030
Seagen expects to generate $2.2 billion (€2.063 billion) in revenue in 2023 , which will represent a 12% year-on-year increase for the biotechnology company. Pfizer expects Seagen to contribute more than $10 billion in revenue by 2030. The American company is a pioneer in the use of ADC technology, a tool that is emerging against different types of cancer to kill cancer cells and limit off-target toxicities.
Currently, the pharmaceutical company has a portfolio of 24 anti-cancer drugs that will generate more than $12 billion (€11 billion) in 2022, including best-selling therapies for metastatic breast cancer and prostate cancer. Pfizer focuses on four types of breast, prostate, genitourinary and precision medicine cancers. The proposed combination with Seagen would double Pfizer’s early-stage oncology clinical portfolio.
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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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