The company plans to establish a new oncology division that will incorporate the Seagen acquisition, with the division becoming operational in early 2024.
Pfizer will split its commercial business (excluding oncology) into two divisions, focusing on the United States and the rest of the world, respectively. Chris Boshoff, currently overseeing cancer research and development at Pfizer, will lead the new oncology division.
The commercial business, excluding oncology, will be divided into two separate units, one for the U.S. market and another for the international market. Aamir Malik, Chief Business Innovation Officer, will head the U.S. commercial unit, and Alexandre de Germay will lead the international unit.
The antitrust waiting period for the Seagen acquisition has expired. Pfizer has received all necessary regulatory approvals to finalize the deal on Thursday, approximately nine months after announcing the acquisition.
Pfizer agreed to donate the rights of royalties from the sales of cancer drug Bavencio to the American Association for Cancer Research. This move addresses concerns raised by U.S. antitrust regulators.
In October, Pfizer reduced its full-year revenue forecast by 13%, attributing it to lower-than-expected sales of its COVID-19 vaccine and treatment.
The company announced a $3.5 billion cost-cutting plan, including job cuts and expense reductions. Pfizer is set to unveil its 2024 forecast and discuss its new organizational structure in a conference call scheduled for Wednesday.
On the congressional trading front, Rep. Ro Khanna was seen investing in the pharmaceutical and biotechnology firm’s shares throughout November investing up to $95,000, when the stock closed at a per-share price of $29.92.