Pfizer is buying sickle cell drug maker Global Blood Therapeutics in an approximately $5.4 billion deal as it looks to accelerate growth after its revenue soared during the pandemic.
GBT is the developer of Oxbryta tablets, which directly targets the root cause of sickle cell disease. Oxbryta sales were about $195 million last year.
Pfizer will pay $68.50 per share in cash for each GBT share.
Both companies' boards have approved the deal, which still needs regulatory approval and approval from GBT shareholders.