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Pfizer Reorganizes And Exec Departs Ahead Of $43B Seagen Acquisition.

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Pfizer Reorganizes And Exec Departs Ahead Of $43B Seagen Acquisition.

(CTN News) – To address the antitrust concerns of the Federal Trade Commission and complete its acquisition of Seagen, Pfizer took specific actions.

One of these actions involved agreeing to donate royalties from its U.S. sales of the bladder cancer drug Bavencio to the American Association for Cancer Research (AACR).

This commitment allowed to receive the necessary approval to proceed with the $43 billion buyout of the Seattle biotech.

Pfizer has announced that it expects to finalize the merger on Thursday. Additionally, the company will be holding a conference call on Wednesday morning to discuss the details of the deal and provide financial guidance for the full year of 2024.

As part of its restructuring efforts, Pfizer has also established the Pfizer Oncology Division, which will bring together its oncology commercial and R&D operations. This division will be led by Chris Boshoff, M.D., Ph.D., who has been serving as Pfizer’s oncology R&D chief for the past six months.

This new organizational model aims to maximize the impact of the acquisition and improve Pfizer’s commercial execution across all therapeutic areas, according to Pfizer CEO Albert Bourla.

Furthermore, starting from January 1st, the implementation of the new structure will result in the division of Pfizer’s non-oncology commercial business into two separate entities. One of these organizations will be responsible for overseeing operations within the United States, while the other will handle operations in the rest of the world.

Aamir Malik, who has held the position of Pfizer’s business innovation chief for over two years, will assume leadership of the U.S. division. On the other hand, Alexandre de Germany, who previously worked at for 21 years and has spent the last five years at Sanofi and two years as CEO of Laboratoires Majorelle, will be in charge of international commercial operations. De Germany’s previous role at Pfizer was as the Asia Pacific president from 2013 to 2016.

In addition, Angela Hwang, who has been for 27 years and served as the chief commercial officer for the past five years, will be departing from the company. Hwang, recognized as one of the Fiercest Women in Life Sciences for 2022, has agreed to provide advisory support during the company’s transition to its new model.

During Hwang’s tenure, Pfizer achieved significant commercial success, including the historic milestone of surpassing $100 billion in annual sales, making it the first company in the biopharmaceutical industry to achieve this feat.

Bourla acknowledged Hwang’s remarkable accomplishments and described her as a purpose-driven leader with an unforgettable legacy.

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