Pandemic windfall funds future growth for Pfizer
Cash-rich pharma giant Pfizer (NYSE: PFE) is continuing its spending spree, with the $5.4 billion acquisition of rare blood disease specialist Global Blood Therapeutics (Nasdaq: GBT).
With coffers swelled by its coronavirus vaccine and antiviral franchise, the New York-based firm has been looking to use the money to cement longer-term sources of revenue.
This has included the $11.6 billion acquisition of migraine drugmaker Biohaven Pharmaceutical (Nasdaq: BHVN) and the $6.7 billion purchase of Arena Pharmaceuticals (Nasdaq: ARNA), a specialist in immuno-inflammatory disorders.
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