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Pfizer in talks to buy drugmaker for $5 billion: report

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Pfizer is one of the top manufacturers of COVID-19 vaccines. (file)

New York:

The Wall Street Journal has reported that US drugmaker Pfizer is close to a deal to buy Global Blood Therapeutics, which manufactures a recently approved drug against sickle cell anemia.

Pfizer, one of the top manufacturers of COVID-19 vaccines, expects to conclude talks with GBT within days, the newspaper said on Friday, citing people close to the talks.

But it said other takeover candidates remain in the race.

GBT’s sickle-cell treatment, marketed as Oxbryta, was authorized in 2019 for people over the age of 12, but received federal approval in December for children ages four to 11. Blood disorders affect millions.

Sales of Oxbrata helped the lab generate $55 million (up 41 percent) in the first quarter, while the company reported a net loss of $81.4 million.

GBT, which is based in San Francisco, Calif., will publish its second quarter figures on Monday.

Pfizer, for its part, saw its second-quarter business jump 47 percent — a record $27.74 billion — fueled by sales of its COVID vaccine and pills.

Its net profit rose 78 percent to $9.9 billion.

Shares of GBT were up 33.03 percent on Friday at $63.84 on the New York Stock Exchange, with a market capitalization of more than $4 billion.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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