Pfizer’s robust M&A activity continues as the pharma giant has closed two deals totaling a combined $17 billion this week.
Pfizer announced Wednesday morning that it closed its $5.4 billion deal to acquire Global Blood Therapeutics, two days after announcing that it closed its $11.6 billion deal to purchase Biohaven Pharmaceuticals.
The company previously announced the GBT deal in August, targeting the biotech’s sickle-cell disease drug, oxbryta. The treatment received approval from the Food and Drug Administration in 2019.
“With Global Blood Therapeutics’ talent, portfolio, and pipeline now part of Pfizer, we look forward to accelerating innovation and expeditiously bringing multiple potential best-in-class treatments to people living with sickle cell disease,” Aamir Malik, EVP and chief business innovation officer at Pfizer, said in a statement.
Meanwhile, the Biohaven deal was first announced in May and centers on the company’s FDA-approved migraine drug, rimegepant. It also represents Pfizer’s biggest acquisition since 2016.
Industry analysts predicted earlier this year that the second half of 2022 would be a particularly active period for biopharma M&A due to the fundamentals of the sector.
The past few weeks have also been a busy time for Pfizer.
At the end of September, the company submitted a request for an emergency use authorization with the FDA for its Omicron-specific bivalent booster for kids between the ages of 5 and 11. This followed the rollout of its updated bivalent boosters for people over the age of 12 earlier in the month.
In its most recent earnings report, the company projected that Comirnaty, its COVID-19 vaccine, would generate revenues of $32 billion by the end of the year.
Still, Pfizer has encountered challenges over that period as well.
CEO Albert Bourla tested positive for COVID-19 for the second time this year and subsequently pulled out of testifying at the EU Parliament’s COVD panel regarding aspects of a multibillion-euro vaccine deal that are under scrutiny.
Additionally, at the end of August, Moderna sued Pfizer and BioNTech, alleging that the two companies copied its patented mRNA technology for their COVID-19 vaccine.