American drugmaker Pfizer on Monday announced a deal to acquire Global Blood Therapeutics, maker of a recently approved treatment for sickle cell disease, for $5.4 billion.
With the agreement, Pfizer, one of the leading manufacturers of Covid-19 vaccines, is acquiring Oxbryta from GBT for the treatment of the potentially deadly blood disease that primarily affects people of African, Middle Eastern or South Asian descent.
The drug was approved in 2019 for people over the age of 12, but received federal approval for children ages four to 11 in December.
“We are excited to welcome GBT colleagues to Pfizer and to work together to transform the lives of patients as we have long strived to meet the needs of this underserved community,” said Albert Bourla, Pfizer Chairman and CEO. in a statement.
Oxbryta’s net sales were approximately $195 million in 2021, and Pfizer said GBT’s SCD treatment suite has the potential to generate more than $3 billion in global sales.
Bourla said the merger will help “accelerate innovation for the sickle cell disease community and bring those treatments to patients as quickly as possible.”
The sale of Oxbryta helped GBT post first-quarter revenue of $55 million (up 41 percent) while the company posted a net loss of $81.4 million.
The San Francisco-based company will release its second-quarter results on Monday but will not hold a previously scheduled call to discuss the earnings report.
Pfizer’s sales rose 47 percent in the second quarter – to a record $27.74 billion – boosted by sales of its Covid vaccine and pills.
Net income increased 78 percent to $9.9 billion.
Following the merger announcement, GBT shares rose 4.4 percent in early trade on Monday, while Pfizer shares fell 0.7 percent.
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