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Pfizer Inc (NYSE: PFE) is in advanced talks to acquire Global Blood Therapeutics Inc (NASDAQ: GBT), the maker of therapy for sickle-cell disease, for around $5 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The New York-based drug giant is looking to finalize a deal in the coming days in a push to bolster its portfolio with rare disease drugs, the report said.
Global Blood shares gained as much as 52% Friday in New York after being briefly halted for volatility, while Pfizer fell 0.9%.
Global Blood’s Oxbryta is approved by the US Food and Drug Administration (FDA) to treat sickle cell, a hard-to-treat, painful disease that most commonly affects Black people.
Sickle-cell disease is an inherited blood disorder affecting about 100,000 people in the US, including 1 in 13 Black people.
Oxbryta generated just over $55 million in first-quarter sales.
Picture Credit: USAToday
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