The developer of the first FDA-approved Covid-19 vaccine is expanding its work in hematology with its latest acquisition.
Pfizer, a multinational pharmaceutical and biotechnology company, announced on Monday its intent to acquire San Francisco-based Global Blood Therapeutics (GBT), a biopharmaceutical company that focuses its work on developing treatments for sickle cell disease. Sickle cell is a blood disease that impacts approximately 100,000 Americans and can lead to hearing loss, vision problems, ulcers, strokes and more.
“Sickle cell disease is the most common inherited blood disorder and it disproportionately affects people of African descent. We are excited to welcome GBT colleagues into Pfizer and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community,” Pfizer chairman and CEO Albert Bourla said in a statement. “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.”
GBT has previously developed Oxbryta tablets, a medicine that combats the root cause of sickle cell disease. In 2021, GBT’s net sales of Oxbryta totaled approximately $195 million, according to a company statement.
A Pfizer representative told Built In via email that the acquisition is set to be complete as early as Q4, subject to regulatory approvals and “satisfaction of other customary closing conditions, including GBT’s shareholder approval.”
Pfizer is set to acquire the outstanding shares of GBT for $68.50 per share, for a total enterprise value of approximately $5.4 billion, including debt and net of cash acquired.
“Today is an exciting milestone that accelerates GBT’s mission to discover, develop and deliver life-changing treatments that provide hope to underserved patient communities,” GBT CEO Dr. Ted Love said in a statement. “Pfizer will broaden and amplify our impact for patients and further propel much-needed innovation and resources for the care of people with sickle cell disease and other rare diseases, including populations in limited-resource countries.”
