Pfizer expects to close Seagen deal on Thursday, will create a new oncology division to incorporate company

Pfizer Inc.
PFE,
-0.49%
said Tuesday it has received all the regulatory approvals needed to close the acquisition of Seagen Inc.
SGEN,
+1.20%
and expects to close the deal on Thursday. To address concerns raised by the Federal Trade Commission, the drug company has agreed to donate the rights of royalties from sales of Bavencio in the U.S. to the American Association for Cancer Research to support it in its mission of curing cancer through research and funding. Pfizer is also planning changes to its commercial organization to better incorporate Seagen and improve focus and speed of execution. The company will create an end-to-end business organization called the Pfizer Oncology Division, which will combine certain commercial and R&D operations from both companies. The new structure will go into effect Jan. 1. Pfizer launched a $43 billion offer for Seagen in March in a move aimed at shoring up its oncology business. Pfizer is planning to hold an investor day on Wednesday at which it will offer guidance for 2024. The stock is down 44% in the year to date, while the S&P 500
SPX,
+0.39%
has gained 20%.