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Pfizer to buy Global Blood Therapeutics for $5.4bn

Published on 11/08/22 at 10:14am

Pfizer Inc is to pay $5.4 billion in cash to acquire sickle cell disease drug-maker Global Blood Therapeutics, according to Proactive Investors.

Pfizer will pay $68.50 per GBT share. GBT was founded in 2011, and the company makes Oxybryta, a treatment for sickle cell disease. This will boost Pfizer’s expertise in rare haematology, including two other pipeline assets – GBT601 and inclacumab – targeting the same condition.

Oxbryta is forecasted to make at least US$260 million in sales this year, three years after gaining regulatory approval.

Pfizer’s revenue of $81.3 billion in 2021 is almost doubled from the previous year, thanks to the sale of its COVID-19 vaccine. With the addition of COVID-19 pill, Paxlovid, the company anticipates to generate around $100 billion in revenue this year, although both products’ sales are expected to decline going forward.

Pfizer has announced deals valued at almost $19 billion since late last year, as it plans to acquire companies which could generate billions of dollars in annual sales by the end of the decade.

In May, Pfizer struck a $11.6 billion deal to acquire migraine drug maker Biohaven Pharmaceutical. A $6.7 billion deal was also recently completed with Arena Pharmaceuticals.

ReViral Ltd, currently developing a respiratory syncytial virus treatment, was also acquired by Pfizer in April.

Lina Adams

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