As part of its efforts to boost its cash flow after the COVID-19 pandemic, Pfizer will spend about USD 5.4 billion to buy Global Blood Therapeutics.
With this acquisition, Pfizer will be able to improve its capabilities in rare hematology. As part of its treatment for sickle cell disease, Global Therapeutics manufactures Oxybryta tablets. A total of $195 million was generated by Oxbryta last year.
Earlier this year, It announced the $11.6 billion acquisition of Biohaven, and last December, the company announced the acquisition of Arena Pharmaceuticals for $6.7 billion.
Also in April, The firm announced the acquisition of ReViral Ltd., a privately held company developing respiratory syncytial virus treatments.
New York City drugmaker Pfizer Inc. has cash on hand to spend on acquisitions after its COVID-19 vaccine and treatment became a top seller. Over $16 billion was spent on vaccines and treatments just in the second quarter.
The officials told analysts that Pfizer leaves no stone unturned in its search for new business opportunities. In the second half of the decade, the officials are looking for deals that will accelerate growth and provide substantial value in both scientific and commercial terms.
They told investors during a call to discuss results for the second quarter that they were excited about the opportunities ahead.
Each share of Global Blood Therapeutics will be paid $68.50 in cash by Pfizer.
GBT shareholders must also approve the deal, which has been approved by the boards of both companies.
Almost immediately after the opening bell, Global Blood Therapeutics Inc.’s shares jumped 4%. There was little change in Pfizer’s share price.