Pfizer scoops up Global Blood Therapeutics for $5.4B
Fierce PharmaSep 06, 2022
On Mon., Pfizer announced that it will acquire the blood disorder drugmaker Global Blood Therapeutics for $5.4B, at a cost of $68.50 per share.
Ahead of the announcement, Global Blood - which makes the sickle cell treatment Oxbryta - saw its shares soar on Fri. by as much as 52%, with Pfizer's stock price falling 0.9%.
Riding the windfall of its COVID vaccines, Pfizer is busy scouring the biopharma landscape and gobbling up a plethora of smaller companies. It should be telling that in the event of "antitrust-related circumstances," Pfizer would owe Global Blood Therapeutics a whopping $326M.
Pfizer's new biotech buyouts will have a net positive impact on the most important stakeholders - consumers. This allows for better dissemination of existing treatments through Pfizer's formidable distribution networks and helps to build a bold research pipeline. Patients are the true winners.