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.