PFIZER has bought Global Blood Therapeutics (GBT) for $5.4bn (£4.4bn), as the US pharmaceutical giant continues its Covid-19 cash spending spree.

The deal, announced yesterday, will strengthen Pfizer's sickle cell disease expertise, with bosses eyeing combined worldwide sales of over $3bn.

Pfizer CEO and chairman Albert Bourla said: "Sickle cell disease is the most common inherited blood disorder, and it disproportionately affects people of African descent.

"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."

The famed American Covid-19 vaccine maker expects to finance the transaction with "existing cash on hand", it said, having secured $27.7bn in revenue in the second quarter.

Pfizer has been flush with cash following the success of its Covid-19 vaccine, which has been distributed worldwide and favoured by the UK government over Britain's homegrown Oxford-Astrazeneca rival.

(c) 2022 City A.M., source Newspaper