Pfizer: Acquires Global Blood Therapeutics for $5.4 billion

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Pfizer announced Monday that it has reached an agreement to acquire blood disorder drugmaker Global Blood Therapeutics for $5.4 billion.

Pfizer is looking to boost its production line to counter a potential slowdown in demand for its coronavirus products, as analysts expect due to a drop in cases.

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The company, which has cash on hand from sales of its coronavirus vaccine, is looking for acquisitions that could bring it billions in annual sales by the end of the decade.

Pfizer said Monday it will pay $68.50 per share for Global Blood, representing a premium of about 7.3% to the stock’s closing price on Friday.

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Shares in Global Blood, which makes a blood disorder drug called Oxbryta, rose 4.5 percent after the deal was announced.

Oxbryta was first approved in 2019 to treat sickle cell disease in patients 12 years of age and older. Last December, the oral drug was approved to treat the condition in younger patients as well.

Sales of the drug rose more than 50% to $194.7 million in 2021.

Source: Capital

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