Pfizer is buying blood disorder drugmaker Global Blood Therapeutics for $5.4 billion, in the latest acquisitions by the New York City based company.
Pfizer said on Monday it will pay $68.50 per share, representing a premium of 7.3% to Global Blood stock’s Friday closing and a 42.7% premium to Thursday’s closing.
The pharma company’s strong rise in sales after launching its Covid vaccine (developed with BioNTech), was eclipsed last year with lower sales. Now, with a pile of cash, the pharmaceutical company is moving forward with more acquisitions.
Last May, Pfizer purchased migraine drug maker Biohaven Pharmaceutical Holding for $11.6 billion and recently it spent an additional $6.7 billion to buy Arena Pharmaceuticals.
With Global Blood Therapeutics, Pfizer will boost its rare disease treatment business with Oxbryta, a drug first approved in 2019 to treat sickle cell disease among patients aged 12 years or older. The oral drug brought $55.2 million in sales for the company in the first quarter of 2022.
Sickle cell, an inherited blood disorder that affects about 100,000 people in the U.S.
Shares of Global Blood rose 4.5% following the deal announcement.