Pfizer's Angela Hwang Departs as Company Completes Seagen Acquisition and Establishes New Oncology Division

On December 12th, Pfizer announced the departure of Angela Hwang, the Chief Business Officer and President of Pfizer's Global Biopharmaceuticals business. Simultaneously, Pfizer revealed plans to finalize the acquisition of Seagen and implement internal organizational changes, including the establishment of a new Oncology Division. To assist with the transition, Hwang has agreed to continue as an advisor to Pfizer.

A 27-Year Veteran Departs:
Angela Hwang holds a Bachelor's degree in Microbiology and Biochemistry from the University of Cape Town and an MBA from Cornell University. She has been with Pfizer for nearly 27 years. As the Chief Business Officer and President of Pfizer's Global Biopharmaceuticals business, Hwang leads a team of 26,000 employees and oversees the delivery of Pfizer's 600 drugs and vaccines to patients in 185 countries. She also works on expanding collaborations with health insurance companies, governments, and policymakers worldwide to improve drug accessibility and affordability.

Under Hwang's leadership, Pfizer's biopharmaceutical division achieved significant milestones, including the development of the world's first COVID-19 vaccine in 2020 and the introduction of the first oral antiviral treatment for COVID-19 a year later. In 2022, over 1.3 billion people received Pfizer's treatments, contributing to the division's $100 billion in revenue. Hwang also serves on various boards and committees, including the United Parcel Service Board of Directors, European Federation of Pharmaceutical Industries and Associations, US-China Business Council, Cornell University Johnson Graduate School of Management Advisory Council, and the Pfizer Foundation. She has been recognized as a top leader in the global healthcare and business sectors by Forbes and Fortune, and has been named one of the 20 Most Influential Women in Business for three consecutive years.

Completion of Seagen Acquisition and Formation of New Oncology Division:
In response to lower-than-expected sales of its flagship COVID-19 products this year, Pfizer has been implementing global cost-cutting measures while seeking the next breakthrough product. Alongside the announcement of management changes, Pfizer also disclosed that it expects to finalize the $43 billion acquisition of Seagen after receiving regulatory approvals.

Seagen, known for its expertise in antibody-drug conjugates (ADCs), offers four cancer treatment drugs, three of which are ADC therapies. The company has amassed a significant number of patents in the ADC field. Pfizer estimates that, considering a 12% annual growth rate, Seagen could generate revenue exceeding $10 billion by 2030.

To integrate Seagen successfully, Pfizer plans to establish the Pfizer Oncology Division. Chris Boshoff was previously appointed as Executive Vice President and Chief Development Officer of Oncology in July this year. He will now lead the newly formed Oncology Division, overseeing the integration of commercial and research and development activities in the oncology field for both companies. The business units not related to oncology will be divided into the Pfizer U.S. Commercial Division and the Pfizer International Commercial Division. Aamir Malik, the current Chief Business Innovation Officer, will assume the role of Chief U.S. Business Officer, and Alexandre de Germay, who previously worked at Pfizer for 21 years, will return to Pfizer as the Chief International Business Officer.

Pfizer anticipates that the new organizational structure will take effect on January 1st.

It is worth noting that the Seagen acquisition underwent rigorous scrutiny. Pfizer stated in its announcement that, to address concerns from the U.S. Federal Trade Commission, it will "irrevocably donate the royalty stream for the U.S. sales of Bavencio (avelumab) to the American Association for Cancer Research (AACR)." Bavencio, a bladder cancer treatment, was developed through a collaboration with Merck and received approval in 2017. In the most recent quarter, Bavencio generated sales of $197 million.

As Pfizer moves forward with the completion of the Seagen acquisition and the establishment of a new Oncology Division, the departure of Angela Hwang as Chief Business Officer and President of Pfizer's Global Biopharmaceuticals business marks the end of a remarkable 27-year career at Pfizer. Hwang's contributions to Pfizer's achievements in the biopharmaceutical field, including the development of COVID-19 vaccines and treatments, have positioned the company for continued success in the future.