Pfizer buying spree continues with $5.4 billion hematology deal

FILE - The Pfizer logo is displayed on the exterior of a former Pfizer factory, on May 4, 2014, in the Brooklyn borough of New York. Pfizer is buying sickle cell drug maker Global Blood Therapeutics in an approximately $5.4 billion deal as it looks to accelerate growth after its revenue soared during the pandemic. Both companies' boards have approved the deal, which still needs regulatory approval and approval from GBT shareholders. (AP Photo/Mark Lennihan, File)

Pfizer will spend about $5.4 billion to buy Global Blood Therapeutics as the pharmaceutical giant continues to invest some of the cash influx reaped during the COVID-19 pandemic.

Pfizer said Monday that the acquisition will boost its work in rare hematology. Global Therapeutics, which was founded in 2011, makes Oxybryta tablets for treating sickle cell disease.

Pfizer has been flush with cash since its COVID-19 vaccine, Comirnaty, and its treatment, Paxlovid, have hit the market, starting with the vaccine in late 2020. The drugmaker has now announced deals valued at a total of nearly $19 billion, counting debt, since late last year.

The latest deal follows Pfizer's $11.6 billion acquisition of Biohaven, which the companies announced in May, and a $6.7 billion acquisition