Pfizer will spend about $5.4 billion to buy Global Blood Therapeutics as the pharmaceutical giant continues to invest some of the cash influx reaped during the COVID-19 pandemic.
Pfizer said Monday that the acquisition will boost its work in rare hematology. Global Therapeutics, which was founded in 2011 and is headquartered in South San Francisco, makes Oxybryta tablets for treating sickle cell disease.
Pfizer also detailed in April a smaller acquisition of the privately held ReViral Ltd., which is developing a treatment for respiratory syncytial virus. "I think we're very excited about the opportunities that are ahead of us and the flexibility that our balance sheet gives us to pursue those," he said during a call to discuss second-quarter results.
Oxbryta sales were about $195 million last year, but Pfizer said it plans to speed up distribution of the drug to parts of the world most impacted by the disease.
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