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.
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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.