will spend about $5.4 billion to buy Global Blood Therapeutics (NASDAQ:
GBT) as the pharmaceutical giant continues to invest
influx reaped during the COVID-19 pandemic.
Pfizer said on Monday that the
acquisition will boost its capabilities in rare hematology.
GlobalTherapeutics makes Oxybryta tablets for treating sickle cell disease.
Oxbryta sales were about $195 million last year.
The latest deal follows Pfizer’s
of Biohaven (NYSE:
BHVN), which the companies
announced in May, and a $6.7 billion acquisition of Arena Pharmaceuticals
announced last December.
COVID vaccine sales
Pfizer also announced in April a
smaller acquisition buying the privately held ReViral Ltd., which is developing
a treatment for respiratory syncytial virus.
Pfizer Inc.'s top-selling COVID-19
vaccine and treatment have left the New York City drugmaker flush with cash to
spend on an acquisition feel. The vaccine and treatment brought in more than
$16 billion combined just in the recently completed second quarter.
Aamir Malik, the company's chief
business innovation officer, told analysts recently that Pfizer was “leaving
very few stones unturned” in
lookingfor expansion opportunities. Malik said Pifzer was looking for deals that
will speed up growth in the back half of the decade and can add substantial
value either scientifically or commercially.
GBT shares rise
“I think we’re very excited about
the opportunities that are ahead of us and the flexibility that our balance
sheet gives us to pursue those,” he said during a call to discuss
second-quarter results.
Pfizer will pay $68.50 per share in
cash for each share of Global Blood Therapeutics.
Both companies' boards have
still needs regulatory approval and approval from GBT shareholders.
Shares of Global Blood Therapeutics
Inc., based just outside San Francisco, rose 4% before the opening bell. Shares
of Pfizer were essentially flat.
Picture credit: AP
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