Pfizer donates rights to cancer drug

Pfizer will donate the royalty rights from sales of cancer drug Bavencio to the American Association for Cancer Research starting in January.

Pfizer said in a Dec. 12 news release that it is donating the rights to address concerns from antitrust regulators related to its $43 billion deal to buy Seagen. The drugmaker received the required regulatory approvals and expects to close the deal on Dec. 14 after announcing the deal in March. 

After the deal closes, Pfizer said it will create a separate cancer drugs operation led by Chris Boshoff, MD, PhD, who will serve as chief oncology officer and executive vice president. The new structure and rights agreement will go into effect January 1.

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