PFE - Why Global Blood Therapeutics Stock Was Trouncing the Market Today
Trading in Global Blood Therapeutics (NASDAQ: GBT) stock was lively on Monday, with the blood-disorder-focused biotech rising by over 4% over Friday's close by midafternoon today. That's hardly surprising, as the company struck a deal to be acquired by one of the hottest operators in the pharmaceutical sector.
In a joint press release Monday morning, Global Blood Therapeutics and Pfizer (NYSE: PFE) announced that they have signed an agreement for the latter to purchase the former. The all-cash deal will see Pfizer acquire all outstanding shares of Global Blood Therapeutics for $68.50 per share; all told, the enterprise value of the arrangement is roughly $5.4 billion.
The companies added that both their boards of directors have unanimously approved the deal.
For further details see:
Why Global Blood Therapeutics Stock Was Trouncing the Market Today