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.
Pfizer Chief Executive Officer and Chairman, Albert Bourla, said:
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.
GBT Chief Executive Officer and President, Ted Love, M.D, said:
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.