Pfizer Expects to Close $43 Billion Seagen Deal This Week, Creates New Cancer Division

Pfizer said on Tuesday it expects to close its $43 billion deal to buy cancer drugmaker Seagen later this week and plans to create a new oncology division that includes the acquisition early next year.

Pfizer also said Chief Commercial Officer Angela Hwang would step down, and that it will split the its commercial business, not including oncology, into two divisions, one focused on the United States and the other on the rest of the world.

In October, Pfizer slashed its full-year revenue forecast by 13% and said it will cut $3.5 billion worth of jobs and expenses due to lower-than-expected sales of its COVID-19 vaccine and treatment.

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