Pfizer continues to spend its Covid windfall wisely. Today, the pharma company said it would spend $5.4 billion to buy Global Blood Therapeutics, which has one approved drug to treat sickle-cell disease and two more in development.
It’s a smart deal for both companies. Pfizer can put needed marketing muscle behind GBT’s products. In return, Pfizer will be able to further expand into rare diseases, an area that may be less vulnerable to Medicare price negotiations.