Pfizer in talks to buy drugmaker for $5 billion: report

Pfizer in talks to buy drugmaker for $5 billion: report

Pfizer is a leading manufacturer of Covid-19 vaccines. (Queue)

New York:

US drugmaker Pfizer is close to a deal to buy Global Blood Therapeutics, which makes a recently approved sickle cell disease drug, for $5 billion, The Wall Street Journal reported.

Pfizer, a leading maker of Covid-19 vaccines, hopes to conclude talks with GBT within days, the newspaper said on Friday, citing people familiar with the negotiations.

But he said other takeover candidates remained in the running.

GBT’s sickle cell treatment, marketed as Oxbryta, was licensed for people over the age of 12 in 2019, but gained federal approval in December for children ages 4 to 11. The blood disorder affects millions of people.

Oxbryta sales helped the lab generate $55 million in first-quarter revenue (up 41%), while the company reported a net loss of $81.4 million.

GBT, which is based in San Francisco, Calif., is due to release its second-quarter numbers on Monday.

Pfizer, for its part, saw second-quarter revenue jump 47% — to a record $27.74 billion — boosted by sales of its Covid vaccine and pills.

Its net profit jumped 78% to $9.9 billion.

GBT shares on the New York Stock Exchange were up 33.03% at Friday’s close at $63.84, with a market cap of more than $4 billion.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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