Stock Market News

Global Blood Therapeutics Shares Tick Higher After Pfizer Buy Agreed

2022.08.08 17:38

Global Blood Therapeutics Shares Tick Higher After Pfizer Buy Agreed

By Scott Kanowsky 

Investing.com — Pfizer Inc (NYSE:PFE) has agreed to acquire California-based Global Blood Therapeutics Inc (NASDAQ:GBT) for $5.4B including debt and net of cash acquired, as the U.S. drugmaker looks to expand its pipeline of offerings by using a glut of cash built up from the sale of Covid-19 vaccines.

The transaction, which has been unanimously approved by the boards of both companies, will see Pfizer acquire all the outstanding shares of GBT for $68.40 per share in cash – a 7.3% premium on GBT’s closing share price on Friday.

GBT specializes in treatments for a blood disorder known as sickle cell disease that impacts up to 100,000 people in the U.S.

“The deep market knowledge and scientific and clinical capabilities we have built over three decades in rare hematology will enable us to accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible,” said Pfizer chairman and chief executive officer Albert Bourla in a statement.

Pfizer added that it plans to boost sales of GBT’s Oxbryta sickle cell disease drug. It will also bring GBT’s oral sickle hemoglobin polymerization inhibitor, now in Phase 2 trials, into its portfolio.

GBT becomes the latest acquisition target bagged by Pfizer, who has gone on a buying spree recently partly due to the widespread usage of the Covid vaccine it developed with German peer BioNTech.

This year, Pfizer has bought biotech firms Biohaven Pharmaceuticals and Arena Pharmaceuticals for $11.6B and $6.7B, respectively. The moves are expected to bolster the variety of treatments Pfizer can offer going forward as sales of Covid medicines are expected to slow following the pandemic.

NASDAQ-listed shares in GBT surged by more than 4% in early U.S. trading on Monday, adding to gains last week made when the Wall Street Journal first reported Pfizer was in talks to buy the company.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 76,147.40 2.03%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,852.74 7.32%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 194.20 4.33%
bnb
BNB (BNB) $ 600.27 2.54%
usd-coin
USDC (USDC) $ 1.00 0.06%
xrp
XRP (XRP) $ 0.55293 3.61%
dogecoin
Dogecoin (DOGE) $ 0.194245 0.81%
staked-ether
Lido Staked Ether (STETH) $ 2,848.49 7.28%
cardano
Cardano (ADA) $ 0.39262 10.58%
tron
TRON (TRX) $ 0.160537 2.10%
the-open-network
Toncoin (TON) $ 4.92 4.20%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,376.56 7.37%
avalanche-2
Avalanche (AVAX) $ 27.61 4.61%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 2.06%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,930.34 1.90%
weth
WETH (WETH) $ 2,847.53 7.22%
chainlink
Chainlink (LINK) $ 12.51 5.36%
bitcoin-cash
Bitcoin Cash (BCH) $ 383.82 3.24%
sui
Sui (SUI) $ 2.32 2.25%
polkadot
Polkadot (DOT) $ 4.15 2.00%
leo-token
LEO Token (LEO) $ 6.24 0.19%
usds
USDS (USDS) $ 1.01 0.05%
uniswap
Uniswap (UNI) $ 9.15 1.24%
litecoin
Litecoin (LTC) $ 72.15 3.91%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,999.89 7.26%
near
NEAR Protocol (NEAR) $ 4.23 2.84%
aptos
Aptos (APT) $ 9.75 4.59%
pepe
Pepe (PEPE) $ 0.00001 11.44%
bittensor
Bittensor (TAO) $ 519.54 0.09%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.43 1.71%
internet-computer
Internet Computer (ICP) $ 7.75 1.19%
dai
Dai (DAI) $ 1.00 0.03%
monero
Monero (XMR) $ 165.93 1.99%
ethereum-classic
Ethereum Classic (ETC) $ 20.07 4.75%
stellar
Stellar (XLM) $ 0.100012 3.96%
kaspa
Kaspa (KAS) $ 0.118819 0.81%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.14%
whitebit
WhiteBIT Coin (WBT) $ 19.40 0.45%
aave
Aave (AAVE) $ 186.14 10.05%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.344664 5.49%
blockstack
Stacks (STX) $ 1.68 0.85%
okb
OKB (OKB) $ 40.36 3.22%
crypto-com-chain
Cronos (CRO) $ 0.088971 5.04%
dogwifcoin
dogwifhat (WIF) $ 2.38 1.99%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.01%
arbitrum
Arbitrum (ARB) $ 0.575256 9.38%
filecoin
Filecoin (FIL) $ 3.77 4.06%
mantle
Mantle (MNT) $ 0.662004 12.27%