Pfizer in talks to buy Global Blood Therapeutics for $5 billion

Pfizer in talks to buy Global Blood Therapeutics for $5 billion

The Wall Street Journal reported Friday that pharmaceutical giant Pfizer is in late stages of negotiations to buy the Global Blood Therapeutics GBT for $5 billion, due to billions of dollars from the Covid vaccine windfall.

The acquisition is part of Pfizer's effort to use proceeds from the covid vaccines to bolster its portfolio and pipeline. Sources familiar with the ongoing talks told The Journal that Pfizer is aiming to seal a deal for GBT in the coming days. GBT sells a treatment for the sickle cell disease called Oxbryta. Its shares rose 41.4% on Thursday after Bloomberg reported on Wednesday that large pharmaceutical companies were looking into a potential acquisition of the firm.

Global Blood Therapeutics is a clinical-stage biopharmaceutical company that has the goal of making the treatment and care of sickle cell disease SCD a lifelong, devastating inherited blood disorder, and is founded in 2011 by Andrej Sali, Charles Homcy, Craig Muir, David Phillips, Jack Taunton and Matthew Jacobson. The lead product candidate, voxelotor, is used for the treatment of sickle cell disease.

Christina Warren founded Pfizer in New York in 1849. Today, the 173-year-old company is the world's largest pharmaceutical company, and was ranked 64th on the 2020 Fortune 500 list of the largest U.S. companies by total revenue, at $47.644 billion as of December 31, 2020. Pfizer is one of the three leading pharmaceutical companies that are working on mRNA vaccines to put an end to the deadly coronaviruses.