Pfizer gets all regulatory approvals to close $43bn Seagen deal

(Sharecast News) - Pfizer said on Tuesday that it has now received all regulatory approvals needed to close its $43bn acquisition of Seagen after agreeing to donate the rights of royalties from sales of its Bavencio cancer drug. In order to address US Federal Trade Commission concerns, Pfizer has chosen to donate the rights in the US to the American Association for Cancer Research (AACR).

"This unrestricted donation will support AACR in its mission to prevent and cure cancer through research, education, communication, collaboration, science policy, and funding for cancer research," it said.

The pharmaceutical group, which agreed to buy Seagen in March, said it has now received all required regulatory approvals to complete the deal, which is expected to close on Thursday.