Seagen coming into Pfizer

[anonymous]

I work for Seagen and the deal with Pfizer buying us could happen in December. I am not expecting to be kept as a Pfizer employee, so want to ask what the warning period is that was referred to in other posts? Does Pfizer give a two month warning period before severance kicks in?
Any details around how much severance to expect and will they cover insurance also?

 

[anonymous]

The 60 day WARN (Worker Adjust and Retraining Notifications) period is part of a federal law. After the 60 days, during which you would have an opportunity to find another position within Pfizer, the severance is 10 weeks plus 3 weeks for every year you’ve worked. As for insurance, you would certainly have it during the 60 day WARN period. I am not certain if health insurance has any coverage beyond COBRA after that. For a family of two, it was about $1800-1900 per month for COBRA. I hope this info helps.

 

[anonymous]

We have been told no layoffs when the merger occurs. The way Pfizer tends to do this is to wait another year so I don’t think anything will happen before November 2024 for Jan 1.

 

[anonymous]

Based on history of major acquisitions, Pfizer like to keep people in limbo for as long as possible, draw our the uncertainty. Then, 6 months to 1 year following the acquisition, begin layoff waves. Exactly what they did with Wyeth acquisition.

 

[anonymous]

Fyi you keep your insurance and all other benefits (except car) throughout the whole time you have severance. As far as what to expect, it depends on what Seagen negotiated with Pfizer.

 

[anonymous]

Based on history of major acquisitions, Pfizer like to keep people in limbo for as long as possible, draw our the uncertainty. Then, 6 months to 1 year following the acquisition, begin layoff waves. Exactly what they did with Wyeth acquisition.

yes it is almost always a year long agreement then cuts.

 

[anonymous]

Based on history of major acquisitions, Pfizer like to keep people in limbo for as long as possible, draw our the uncertainty. Then, 6 months to 1 year following the acquisition, begin layoff waves. Exactly what they did with Wyeth acquisition.

Legacy PD here. We (and Upjohn/Pharmacia) had lot of people that didnt want to come over when we got taken over. But by 12 months post-acquisition, very very few of the original crew were here.
You'll see.

 

[anonymous]

Legacy PD here. We (and Upjohn/Pharmacia) had lot of people that didnt want to come over when we got taken over. But by 12 months post-acquisition, very very few of the original crew were here.
You'll see.

There are several people that do not want to come over from Seagen too. R&D are all probably safe, it is the support functions, like HR, IT, Corp. Affairs that have would have no jobs, so I can't see them letting all of us just sit there for a year doing nothing. Everything will be transferred to Pfizer pretty quickly.

Hopefully the WARN period applies to us and we get another six months on top of that.

 

[anonymous]

Based on history of major acquisitions, Pfizer like to keep people in limbo for as long as possible, draw our the uncertainty. Then, 6 months to 1 year following the acquisition, begin layoff waves. Exactly what they did with Wyeth acquisition.

Accurate post! FU PFIZER!

 

[anonymous]

There are several people that do not want to come over from Seagen too. R&D are all probably safe, it is the support functions, like HR, IT, Corp. Affairs that have would have no jobs, so I can't see them letting all of us just sit there for a year doing nothing. Everything will be transferred to Pfizer pretty quickly.

Hopefully the WARN period applies to us and we get another six months on top of that.

Sorry to disappoint you, but they rarely layoff newly acquired folks.

 

[anonymous]

what is the expected deal close date, did pfizer submitted second request yet or not.

 

[anonymous]

All sales reps will be retained. Integration into Pfizer systems will be varied (depending on the therapeutic area) and incremental. The goal is to minimize change for the new reps initially and smooth the transition over time.

Believe me or don’t. This is from the very top. Best regards.

 

[anonymous]

If you Seagenners have any brains, get off the ship now. Pfizer is the Titanic.

 

[anonymous]

All sales reps will be retained. Integration into Pfizer systems will be varied (depending on the therapeutic area) and incremental. The goal is to minimize change for the new reps initially and smooth the transition over time.

Believe me or don’t. This is from the very top. Best regards.

I believe you but I’m not sure this tells the full cascade of events. Case in point: several Wyeth teams were called “intact teams” that were not immediately integrated into Pfizer. Marketing, Sales, Operations all left intact as the businesses were distinct and different from other Pfizer units.
The rest of the story: within a few months Pfizer will be Pfizer and try to make these distinct businesses operate and behave like primary care RX businesses. Pfizer people will be assigned and the slide ensues. The reason Pfizer buys different businesses to diversify the portfolio is lost as the people and mindset all drift to the primary care mean.
Believe me or don’t. This is the lived experience.

 

[anonymous]

All sales reps will be retained. Integration into Pfizer systems will be varied (depending on the therapeutic area) and incremental. The goal is to minimize change for the new reps initially and smooth the transition over time.

Believe me or don’t. This is from the very top. Best regards.

Having been with the company on the sales side for nearly 25 years, and being integrated into the company from an acquired company, I cannot tell you how many times I have witnessed senior leaders say "The goal is to minimize change"...and "smooth the transition over time"...

After you see this same acquisition activity, and corporate "talking points", happen numerous times, you can predict what is going to be said to the field force (It becomes comical except for the impact on people's livelihoods). Please ask your source "at the very top" to define "minimal" and "smooth"...the range in definition of those two words is very wide at the "very top".