Pfizer Inc on Monday agreed to pay $5.4 billion in cash for sickle cell disease drugmaker Global Blood Therapeutics , as it looks to capitalize on a surge in revenue from its COVID-19 vaccine and treatment.
Aug 8 - Pfizer Inc on Monday agreed to pay $5.4 billion in cash for sickle cell disease drugmaker Global Blood TherapeuticsPfizer will pay $68.50 per GBT share, which represents a 7.3% premium to its Friday closing price. The deal is at a more than 40% premium where GBT was trading before the Wall Street Journal reported that Pfizer was in advanced talks to buy it on Thursday.
"We have very deliberately taken a strategy of diversification in our M&A deals," Aamir Malik, Pfizer's top dealmaker, said in an interview. He said the company was focused on improving growth for the second half of the decade, rather than large deals that generate value through cost cuts. Pfizer logo and stock graph are seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoWith the acquisition of Global Blood Therapeutics, Pfizer adds sickle cell disease treatment Oxbryta, which was approved in 2019 and is expected to top $260 million in sales this year. It will also pick up two pipeline assets - GBT601 and inclacumab - targeting the same disease.
Sickle cell disease is an inherited blood disorder that affects an estimated 70,000 to 100,000 people in the United States.
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