Investing Capital in the Next Generation of Potential Breakthroughs: A Conversation with Pfizer’s Chief Business Innovation OfficerMarch 31, 2023
Whether it’s investing in science directly through our internal research and development engine or acquiring companies that have “amazing science and amazing products”, Pfizer is focused on driving new breakthroughs for patients and growth for shareholders. Investor Insights sat down with Aamir Malik, Pfizer’s Executive Vice President and Chief Business Innovation Officer, to discuss Pfizer’s innovation strategy a few days after the announcement of the proposed acquisition of Seagen Inc.
Investor Insights: What is the role of Chief Business Innovation Officer at Pfizer?
Aamir Malik: I think the role is quite simple, in that there are two main objectives: Number one is to help the company make great capital allocation decisions for where we invest our M&A and business development dollars and where we invest our internal research and development dollars.
Number two is to drive innovations in how we work as a company. This is an ever-changing industry that operates in an ever-changing world and innovating our business and the way that we go to market is critical.
Investor Insights: Can you talk about the rationale for the proposed Seagen deal and how it fits with Pfizer’s focus in oncology?
Aamir Malik: I think that Seagen offers a unique combination of three things. Firstly, they have one of the most compelling technologies in antibody-drug conjugates (ADCs) to treat cancer which we believe is going to be a foundational solution for cancer over the next decade. Second, they are a company that has delivered ADCs at scale. So, they already have, this year, plans to generate more than 2 billion dollars in revenue including from four incredibly exciting products, and they’ve mastered this ADC technology.
And the third thing that is very special about Seagen is that there is the potential for tremendous growth. So not only are there four products that are on the market today, but they have a rich drug development pipeline. They have over 14 products in clinical development which we see a huge amount of promise in.
When you combine that with what we, as Pfizer, can do in terms of already having very deep research and clinical capabilities in oncology, we think that potential combination is powerful.
Investor Insights: You’ve been at Pfizer for about 18 months. How does the reality match up to what you expected before you joined?
Aamir Malik: I came into this role and this company feeling like it was a tremendous platform to make a real difference. It was a humbling opportunity, to be honest, to be able to think about, “how do we guide and influence the ability to invest the resources and capital that we have?”
There is a level of collaboration and common purpose that exists, not only across the management team, but across the entirety of the organization. I think that’s what allows us to move quickly and boldly. So, it’s been a thrilling ride, and there’s still a lot more for us to do.
Pfizer and Seagen remain two separate, independent companies prior to closing. Closing of the transaction is subject to fulfillment of customary closing conditions, including receipt of required regulatory approvals and approval by a majority of Seagen’s outstanding common shares.
Forward-looking statements included herein are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. We encourage you to read our reports filed with the U.S. Securities and Exchange Commission (SEC), including the sections captioned “Risk Factors” and “Forward Looking Information and Factors that May Affect Future Results,” and the press release dated March 13, 2023 announcing the proposed acquisition for a description of such substantial risks and uncertainties. These reports are available at pfizer.com and the SEC’s website.
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