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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pfizer Agrees to $5.4 Billion Deal for Global Blood TherapeuticsPfizer has agreed to buy Global Blood Therapeutics for $5.4 billion, a deal that will give the big drugmaker a foothold in the treatment of sickle-cell disease.
Read more »
Pfizer agrees to buy Global Blood Therapeutics in deal valued at $5.4 billion: WSJPfizer Inc. undefined has reached an agreement to buy Global Blood Therapeutics Inc. [s :gbt] in a deal valued at $5.4 billion, the Wall Street Journal...
Read more »
Pfizer buying spree continues with $5.4B hematology dealPfizer is buying sickle cell drug maker Global Blood Therapeutics in an approximately $5.4 billion deal as it looks to accelerate growth after its revenue soared during the pandemic.
Read more »
Satellite Data May Have Underestimated Global Warming, Scientists SayAccording to a new study, our satellite data may have underestimated the warming of the troposphere over the last four decades.
Read more »
‘Elvis’ Dances Past $250 Million at the Global Box OfficeThe critically acclaimed 'Elvis' continues to make its mark as it crosses $250 million at the global box office.
Read more »
Beyond Meat Plans to Lay Off 4% of Global WorkforceBeyond Meat is cutting 4% of its global workforce The layoffs are part of its plan to reduce costs as inflation prompts consumers to buy less-expensive protein.
Read more »