Pfizer has entered into a definitive agreement to acquire US-based biopharmaceutical firm Global Blood Therapeutics (GBT), for a total enterprise value of around $5.4bn.
Established in 2011, GBT is dedicated to discovering, developing and delivering advanced treatments for underserved communities, starting with sickle cell disease (SCD).
Under the terms of the acquisition, the US drugmaker will acquire all the outstanding shares of GBT at a price of $68.50 per share, including debt and net of cash.
The transaction has been unanimously approved by the Boards of Directors of both companies. Its closing is subject to customary closing conditions, including regulatory approvals and approval by GBT shareholders.
Pfizer intends to finance the acquisition using its available cash on-hand.
Pfizer chairman and chief executive officer Albert Bourla said: “We are excited to welcome GBT colleagues into Pfizer and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community.
“The deep market knowledge and scientific and clinical capabilities we have built over three decades in rare hematology will enable us to accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible.”
Through the acquisition, the US drugmaker will obtain GBT’s Oxbryta (voxelotor), a medicine that directly targets the root cause of SCD.
SCD is a chronic, inherited blood disorder that impacts millions of people worldwide, primarily in populations of African, Middle Eastern and South Asian descent.
Pfizer can also access GBT021601 (GBT601), GBT’s investigational oral, once-daily sickle hemoglobin (HbS) polymerisation inhibitor, currently in Phase 2/3 studies.
GBT’s pipeline also includes inclacumab, a fully human monoclonal antibody targeting P-selectin, currently being evaluated in two Phase 3 clinical trials.
Pfizer said that the acquisition will further enhance its capabilities in rare haematology and strengthens its commitment to SCD.
In a separate development, Pfizer and Valneva have teamed up to initiate a Phase 3 clinical study, dubbed Vaccine Against Lyme for Outdoor Recreationists (VALOR).
Under the terms of the collaboration, Pfizer will make a $25m milestone payment to Valneva upon starting of the Phase 3 study.
VALOR trial is designed to evaluate the efficacy, safety and immunogenicity of VLA15, an investigational Lyme disease vaccine candidate jointly developed by Pfizer and Valneva.
The Phase 3 trial will enrol nearly 6,000 participants, aged 5 years and above, at up to 50 sites across Finland, Germany, the Netherlands, Poland, Sweden and the US.
Upon successful completion, Pfizer intends to use the study data to file a Biologics License Application (BLA) with the US FDA and Marketing Authorisation Application (MAA) with the European Medicines Agency (EMA) in 2025.
