Dec 12 Reuters Pfizer said on Tuesday it expects to close its 43 billion deal to buy cancer drugmaker Seagen later this week and plans to create a new oncology division that includes the acquisition early next year.

Pfizer also said Chief Commercial Officer Angela Hwang would step down, and that it will split the its commercial business, not including oncology, into two divisions, one focused on the United States and the other on the rest of the world.

In October, Pfizer slashed its fullyear revenue forecast by 13 and said it will cut 3.5 billion worth of jobs and expenses due to lowerthanexpected sales of its COVID19 vaccine and treatment.

The company said it will unveil its 2024 forecast and hold a conference call on its new structure on Wednesday.

Chris Boshoff, who currently runs cancer research and development for Pfizer, will lead the new oncology division and report directly to CEO Albert Bourla.

Pfizer39;s Chief Business Innovation Officer Aamir Malik will head up the U.S. commercial unit, while Alexandre de Germay will become commercial chief for the international unit.

Pfizer said its antitrust waiting period for the Seagen deal has expired, and it has received all necessary regulatory approvals to close the deal on Thursday, about 9 months after announcing the acquisition.

The New Yorkbased drugmaker said it agreed to donate the rights of royalties from sales of cancer drug Bavencio to the American Association for Cancer Research to address concerns from…