Pfizer in Talks to Buy Global Blood Therapeutics for $5 Billion, Report Says

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Pfizer is in late-stage negotiations to buy the drug maker Global Blood Therapeutics for $5 billion, a report said.

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Pfizer is in late-stage negotiations to buy the drug maker Global Blood Therapeutics for $5 billion, though other companies are also continuing to make bids, The Wall Street Journal reported Friday.

Shares of Global Blood Therapeutics (ticker: GBT), which sells a treatment for sickle cell disease called Oxbryta, climbed 41.4% on Thursday after Bloomberg reported Wednesday that “large pharmaceutical companies” were looking into a potential acquisition of the firm.

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Global Blood Therapeutics shares were up another 9.6% on Friday, while Pfizer (PFE) shares were down 0.5%.

Pfizer had no comment on the Journal report. Global Blood Therapeutics’ head of corporate communications, Steven Immergut, told Barron’s that the company does not comment “on market rumors or speculation.”

Flush with cash from its Covid-19 programs, Pfizer has made a number of acquisitions this year, including an $11.6 billion acquisition of Biohaven Pharmaceutical Holding (BHVN) in May, and a $525 million deal to buy the private drug maker ReViral. It also closed its $5.4 billion acquisition of Arena Pharmaceuticals, announced last year.

On an investor call late last month, the company’s chief business innovation officer, Aamir Malik, reiterated that the company is “agnostic to size” when looking for potential acquisitions tarkets.

“We’ve been clear about the fact that cost synergy-driven deals are not where our focus is going to be,” Malik said at the time. “And we’re going to be extremely disciplined. I think we’re very excited about the opportunities that are ahead of us and the flexibility that our balance sheet gives us to pursue those.”

Write to Josh Nathan-Kazis at [email protected]

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Credit: www.marketwatch.com /

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