GLOBAL BLOOD THERAPEUTICS, INC.

(GBT)
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Delayed Nasdaq  -  04:00 2022-08-17 pm EDT
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Pfizer in advanced talks to buy Global Blood Therapeutics for $5 bln - WSJ

08/05/2022 | 11:55am EDT

Aug 5 (Reuters) - Pfizer Inc is in advanced talks to buy drugmaker Global Blood Therapeutics for about $5 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Pfizer is aiming to seal a deal in the coming days, but other suitors are still in the mix, the report said.

Shares of Global Blood, which makes a blood disorder drug called Oxbryta, soared 44% in afternoon trade to a two-year high. The company had a market capitalization of $3.12 billion, as of Thursday's closing price.

Pfizer declined to comment on the report, while a Global Blood spokesperson said it does not "comment on market rumors or speculation".

New York-based Pfizer, flush with cash from its COVID-19 vaccine, is on the lookout for acquisitions that could bring in billions in annual sales by the end of the decade.

Its $11.6 billion deal for migraine drug maker Biohaven Pharmaceutical Holding in May was the latest in a string of acquisitions including Trillium Therapeutics and Arena Pharmaceuticals over recent years.

Global Blood's Oxbryta was approved in the United States for the treatment of sickle cell disease among patients 12 years and older in 2019. In December, the oral drug received approval for the treatment of the condition in younger patients as well.

Sales of the drug rose more than 50% to $194.7 million in 2021.

Biotech dealmaking activity has picked up again in recent months after a bleak start to the year, when a dearth of major acquisitions and clinical-stage drug failures dampened investor sentiment and squeezed funding.

On Thursday, Amgen Inc agreed to buy drugmaker ChemoCentryx Inc for $3.7 billion to gain access to a potential blockbuster treatment for inflammatory disorders. (Reporting by Amruta Khandekar; Editing by Aditya Soni and Devika Syamnath)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMGEN INC. -0.25% 250.58 Delayed Quote.11.38%
GLOBAL BLOOD THERAPEUTICS, INC. 0.00% 67 Delayed Quote.128.90%
PFIZER, INC. -1.18% 49.27 Delayed Quote.-16.56%
All news about GLOBAL BLOOD THERAPEUTICS, INC.
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Financials (USD)
Sales 2022 282 M - -
Net income 2022 -306 M - -
Net cash 2022 173 M - -
P/E ratio 2022 -14,2x
Yield 2022 -
Capitalization 4 520 M 4 520 M -
EV / Sales 2022 15,4x
EV / Sales 2023 10,2x
Nbr of Employees 457
Free-Float 92,9%
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 67,00 $
Average target price 67,89 $
Spread / Average Target 1,33%
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Managers and Directors
Ted W. Love President, Chief Executive Officer & Director
Jeffrey S. Farrow Chief Financial & Accounting Officer
Mark L. Perry Chairman
Kim Smith-Whitley Executive VP, Head-Research & Development
Kenneth R. Bridges Medical Director & Vice President-Medical Affairs
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