Pfizer, the renowned New York drugmaker, has successfully obtained all necessary regulatory approvals for its groundbreaking $43 billion acquisition of the biotech cancer specialist, Seagen. The company is now poised to officially close the deal on Thursday.
Recently, Pfizer announced the expiration of the U.S. antitrust waiting period for the acquisition. In a significant move, the pharmaceutical giant has also committed to generously contribute the rights of royalties from U.S. sales of the cancer drug Bavencio to the esteemed American Association for Cancer Research. This initiative aims to effectively address any concerns raised by the Federal Trade Commission during their rigorous scrutiny of the transaction.
Back in March, Pfizer initially announced its agreement to acquire Seagen for $229 a share in cash. However, this particular deal was subjected to thorough examination by antitrust regulators, leading to a request for additional information from the FTC in July.
In light of these developments, Pfizer has scheduled a conference call on Wednesday. During this call, the company intends to discuss the forthcoming Seagen acquisition comprehensively. Furthermore, Pfizer is committed to sharing its full-year 2024 financial guidance with stakeholders.
