Drug giant Pfizer (PFE) inked a $5.4 billion deal Monday to buy Global Blood Therapeutics (GBT), confirming rumors that sent GBT stock skyrocketing last week.
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The deal could add a peak $3 billion in worldwide sales to Pfizer’s coffers, the companies said in a news release. That includes GBT’s approved treatment for sickle cell disease, Oxbryta, and its earlier-stage pipeline.
“Sickle cell disease is the most common inherited disorder and it disproportionately affects people of African descent,” Pfizer Chief Executive Albert Bourla said in a written statement. “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.”
Under the terms of the deal, Pfizer will pay $68.50 in cash per share of GBT stock. In premarket trades on today’s stock market, GBT shares jumped 4.6% near 66.80. Last week, GBT stock gained more than 88% over two days after rumors of the takeover first appeared. Pfizer stock was flat at 49.27.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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