Pfizer Scoops Up Sickle Disease Player For $5B

  • Pfizer Inc PFE has agreed to acquire Global Blood Therapeutics Inc GBT for $68.50 per share in cash, for a total enterprise value of approximately $5.4 billion.
  • The acquisition complements and further enhances Pfizer's more than 30-year heritage in rare hematology. 
  • GBT developed Oxbryta (voxelotor) tablets that directly target the root cause of sickle cell disease (SCD). Oxbryta is approved in the U.S., Europe, the UAE, Oman, and Britain.
  • Related: Pfizer, Global Blood Therapeutics In Advanced Talks For $5B Buyout Deal: Report.
  • Net sales for Oxbryta were approximately $195 million in 2021. 
  • In addition, GBT is developing GBT601, an oral, once-daily, next-generation sickle hemoglobin polymerization inhibitor in the Phase 2 portion of a Phase 2/3 study. GBT601 targets improvement in hemolysis and vaso-occlusive crisis frequency (VOC). 
  • GBT's pipeline also includes inclacumab, a fully human monoclonal antibody targeting P-selectin, which is being evaluated in two Phase 3 trials to reduce the frequency of VOCs and reduce hospital readmission rates due to VOCs.
  • If approved, GBT's pipeline and Oxbryta have the potential for an SCD franchise that could achieve combined worldwide peak sales of more than $3 billion.
  • Pfizer expects to finance the transaction with existing cash on hand. 
  • Price Action: GBT shares are up 4.09% at $66.45, and PFE stock is down 0.37% at $49.09 during the premarket session on the last check Monday.
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