Pfizer is in advanced talks to buy drugmaker Global Blood Therapeutics for about $5 billion, the Wall Street Journal reported Friday, citing sources with knowledge of the matter.
Pfizer aims to seal the deal in the coming days, but there are other suitors for Global Blood, according to the report.
Shares in Global Blood, which makes a blood disorder drug called Oxbryta, surged 44% in trading to hit a two-year high. Its capitalization amounted to 3.12 billion dollars, at the close of yesterday’s session, Thursday.
Pfizer declined to comment on the report, while a spokesperson for Global Blood said it “does not comment on market rumors or speculation.”
Global Blood’s Oxbryta was approved in the United States to treat sickle cell disease in patients age 12 and older in 2019. In December, the oral drug received approval to treat the condition in younger patients as well.
Sales of the drug rose more than 50% to $194.7 million in 2021.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.