BRIEF—Pfizer pulls out of deal with Syros Pharma

Syros Pharmaceuticals shares fell 5.7% after-hours trading on Friday, after it revealed that US pharma giant Pfizer will terminate a license deal between the companies related to the development of novel therapies for two blood disorders.

Pfizer has elected to exercise its right to terminate the 2019 license and collaboration agreement between Syros and Global Blood Therapeutics, which Pfizer subsequently acquired for $5.4 billion, related to the discovery, development and commercialization of novel therapies for sickle cell disease and beta thalassemia.