It’s no secret that Pfizer capitalized on the COVID-19 pandemic, by loading people with vaccines and their pockets with cash. Now, according to a recent FiercePharma article, the company is putting that money to good use. Last Monday, Pfizer announced plans to buy Global Blood Therapeutics, a sickle cell disease-focused biotech company. Pfizer will pay $68.50 a share for the acquisition, which comes out to $5.4 billion.
Global Blood Therapeutics’ main product is Oxbryta, which was approved to treat sickle cell disease in 2019. In the first quarter of 2022, the drug generated $55 million in revenue. The company currently has two other sickle cell drugs, inclacumab and BGT021601, both of which are in testing.