The Clap Pfizer (NYSE: PFE) will acquire Global Blood Therapeutics (NASDAQ: GBT) for $5.4 billion.
The Deets Pfizer has been looking to make an acquisition that would significantly boost its annual sales by 2030. Pfizer will pay $68.50 per share for GBT, a premium on the current market price of the stock.
Shares of GBT rose 4.5% after the deal was announced.
In 2021, Pfizer had doubled its revenue to $81.3 billion from the previous year due to COVID-19 vaccine sales. They are also expected to generate $100 million in revenue in 2022, thanks to their COVID-19 antiviral pill Paxlovid.
These revenues led to an influx of cash, allowing Pfizer to make this acquisition in order to further expand.
Related News Earlier this year, Pfizer acquired Biohaven Pharmaceutical Holding and Arena Pharmaceuticals. Pfizer’s strategy is to grow and diversify the different ranges of pharmaceutical products that they offer.