Pfizer is acquiring Global Blood Therapeutics

Pfizer Inc (NYSE: PFE) has executed a definitive merger agreement with Global Blood Therapeutics Inc (NASDAQ: GBT), whereby Pfizer will acquire the biopharmaceutical corporation dedicated to the delivery, development and discovery of life-changing medical treatment, Global Blood Therapeutics, for $5.4 billion, representing $68.50 per GBT share.

The agreement further improves and complements Pfizer Inc’s over three-decade-long heritage in rare haematology as well as helps reinforce its commitment to sickle cell disease by bringing a leading portfolio and expertise with the potential to solve the critical medical needs of this huge underserved community.

Details of the deal

According to the terms of the agreement, Pfizer Inc will get all of GBT’s outstanding shares in a cash agreement of $68.50 per share, representing a total value of roughly $5.4 billion. This includes the company’s net of cash and debt. Both companies’ Board of Directors has unanimously agreed to the deal.

Sickle cell disease is a devastating, lifelong inherited blood condition that impacts millions of people globally, mainly people of South Asian, Middle Easter, and African descent. Global Blood Therapeutics developed a first-in-class drug, Oxbryta tablets that directly attacks the root cause of this disease.

Oxbyrta's net sales came to about roughly $195 million in 2021. Pfizer plans to leverage its global platform and accelerate the distribution of this innovative medical treatment to the area impacted the most by sickle cell disease.

Management statements 

Pfizer Chief Executive Officer and Chairman, Albert Bourla, said:

GBT Chief Executive Officer and President, Ted Love, M.D, said: