Pfizer spends billions on another takeover

STORY: Pfizer made billions through sales of its COVID-19 vaccine, but demand has slowed down this year.

The U.S. drugmaker has a plan to counter that.

It has used its big cash reserves to buy companies that could bring in billions in annual sales by the end of the decade.

On Monday (August 8), it announced it had bought the blood disorder company Global Blood Therapeutics for $5.4 billion.

Pfizer will boost its rare disease treatment business through the purchase.

It will take on the Oxbryta treatment which treats sickle cell disease in patients aged 12 and older.

The oral drug brought in around $55 million of sales in the first quarter of the year.

Monday's announcement marks the latest big buy for Pfizer.

In May, it bought migraine drug maker Biohaven for $11.6 billion.

It also recently spent more than $6 billion on Arena Pharmaceuticals.