Pfizer To Buy Global Blood Therapeutics In $5.4 Bln All-cash Deal

Drug major Pfizer Inc. (PFE) and biopharmaceutical company Global Blood Therapeutics, Inc. (GBT) announced Monday the companies have entered into a definitive agreement under which Pfizer will acquire GBT in an all-cash deal valued at $5.4 billion.

The acquisition complements and further enhances Pfizer's more than 30-year heritage in rare hematology and reinforces the company's commitment to Sickle cell disease (SCD). Pfizer intends to continue to build on the companies' shared commitment to and engagement with the SCD community.

The proposed acquisition will drive growth by bringing leading SCD expertise, portfolio and pipeline to Pfizer with potential combined worldwide peak sales of more than $3 billion

Under the terms of the transaction, Pfizer will acquire all the outstanding shares of GBT for $68.50 per share in cash, for a total enterprise value of approximately $5.4 billion, including debt and net of cash acquired. Pfizer expects to finance the transaction with existing cash on hand.

The proposed transaction, unanimously approved by the Boards of Directors of both companies, is subject to customary closing conditions, including receipt of regulatory approvals and approval by GBT's stockholders.

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