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Flush with cash, Pfizer buys Global Blood Therapeutics in $5.4-bn deal

Pfizer has been on the lookout for acquisitions that could bring in billions in annual sales by the end of the decade

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A person walks past a Pfizer logo amid the coronavirus disease pandemic in the Manhattan borough of New York City (Photo: Reuters)

Reuters
Pfizer Inc on Monday agreed to pay $5.4 billion in cash for sickle cell disease drugmaker Global Blood Therapeutics, as it looks to capitalize on a surge in revenue from its COVID-19 vaccine and treatment.

Pfizer will pay $68.50 per GBT share, which represents a 7.3% premium to its Friday closing price. The deal is at a more than 40% premium where GBT was trading before the Wall Street Journal reported that Pfizer was in advanced talks to buy it on Thursday.

Pfizer's 2021 revenue of $81.3 billion was nearly double the mark from the previous year, due to COVID-19 vaccine sales.

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Topics : Pfizer