Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
Novo Nordisk and Eli Lilly Lower Prices for Weight-Loss Drugs Amid U.S. Agreement 
Major Drugmakers Slash U.S. Prices and Sell Directly to Patients Amid Trump’s Push for Affordable Medicines 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
Trump and Merck KGaA Partner to Slash IVF Drug Costs and Expand Fertility Coverage 
U.S. Backs Bayer in Supreme Court Battle Over Roundup Cancer Lawsuits 
Cogent Biosciences Soars 120% on Breakthrough Phase 3 Results for Bezuclastinib in GIST Treatment 
Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
Eli Lilly Becomes First Pharma Giant to Hit $1 Trillion Amid Soaring Weight-Loss Drug Demand 
Trump Backs Review of U.S. Childhood Vaccine Schedule After Hepatitis B Policy Change 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
Trump Signs Executive Order to Boost AI Research in Childhood Cancer 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Eli Lilly’s Weight-Loss Pill Nears Fast-Track FDA Approval as Profits Surge on Global Demand 
Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
FDA Names Tracy Beth Høeg as Acting CDER Director After Richard Pazdur Announces Retirement 
On Tuesday, Pfizer announced its decision to donate the rights of royalties from sales of the cancer drug Bavencio to the American Association for Cancer Research. This move comes as a response to concerns raised by US antitrust regulators regarding Pfizer's proposed $43 billion acquisition of Seagen.
After receiving all necessary regulatory approvals, the deal is set to close on Thursday, nearly nine months since its initial announcement, as per Reuters.
Reorganization and Leadership Changes
Pfizer plans to establish a separate division dedicated to cancer drugs as part of its efforts to streamline operations. Additionally, the company intends to split its remaining commercial business into two divisions, one focused on the United States and the other on the rest of the world.
Chief Commercial Officer Angela Hwang will step down, allowing Aamir Malik to assume the US unit's commercial chief role. In the international unit, Alexandre de Germay will take on the position of commercial chief.
Sales and Financial Outlook
Bavencio, a vital cancer drug, generated sales amounting to $271 million for Pfizer in 2022. This acquisition of Seagen, with its targeted cancer therapies, comes at a crucial time for Pfizer. Facing the anticipated decline in COVID-related sales and the looming threat of generic competition for its top-selling drugs, Pfizer seeks to bolster its oncology portfolio and maintain its position as a leader in the pharmaceutical industry.
However, the acquisition faced scrutiny from the US Federal Trade Commission (FTC) earlier this year. In July, the FTC requested more information on the deal from both parties involved, seeking to ensure compliance with antitrust laws. Despite this additional hurdle, Pfizer remains committed to moving forward with the acquisition and closing the deal as planned.
Business Times noted that Seagen, based in Washington, is recognized as a pioneer of antibody-drug conjugates. These innovative treatments function like "guided missiles," specifically designed to target and destroy cancer cells while sparing healthy cells. With this cutting-edge technology and expertise, Seagen contributes to advancing more effective and targeted cancer therapies.
Photo: Pfizer Newsroom
