Pfizer Secures $43B Seagen Deal, Donates Cancer Drug Rights

Pfizer has received approval from U.S. antitrust regulators for its $43-billion deal to acquire Seagen after agreeing to donate the rights of royalties from sales of cancer drug Bavencio. The deal is set to close on Thursday, and Pfizer plans to create a separate cancer drugs operation and split its commercial business into two divisions. Pfizer's Chief Commercial Officer will step down, and the company will donate the royalty rights for Bavencio to the American Association for Cancer Research. The U.S. Federal Trade Commission had previously requested more information on the Seagen deal.