U.S. pharmaceutical maker Pfizer and Biopharmaceutical Company Global Blood Therapeutics (GBT) on Monday agreed that Pfizer will acquire GBT in an all-cash deal valued at 5.4 billion U.S. dollars.
Pfizer said the acquisition would drive growth by enhancing its work in rare hematology while reinforcing the company’s commitment to sickle cell disease research and treatment.
Under the terms of the transaction, Pfizer will acquire all the outstanding shares of California-based GBT for 68.50 dollars per share in cash, for a total enterprise value of approximately 5.4 billion dollars, 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.