Pfizer set to finalize $43 billion Seagen deal, unveils new cancer division

Pfizer plans to conclude its $43 billion acquisition of cancer drugmaker Seagen this week, forming a new oncology division. The company will split its commercial business into two divisions, with Angela Hwang stepping down as Chief Commercial Officer. Chris Boshoff will lead the new oncology division, while Aamir Malik and Alexandre de Germay will head the U.S. and international units respectively. Regulatory approvals for the Seagen deal are secured, and Pfizer aims to finalize the acquisition on Thursday. Pfizer has initiated cost-cutting measures, including a $3.5 billion job and expense reduction, in response to declining COVID-19 product sales.