Pfizer Inc will buy blood disorder drugmaker Global Blood Therapeutics in a $5.4 billion deal, as it looks to boost its pipeline to combat a potential slowdown in COVID product demand that analysts anticipate from falling cases.

New York-based Pfizer, flush with cash from sales of its COVID-19 vaccine last year, has been on the lookout for acquisitions that could bring in billions in annual sales by the end of the decade.

Pfizer said on Monday it will pay $68.50 per Global Blood share, representing a premium of about 7.3% to the stock's closing price on Friday.

Shares of Global Blood, which makes a blood disorder drug called Oxbryta, rose 4.5% following the deal announcement.

Oxbryta was first approved in 2019 to treat sickle cell disease among patients aged 12 years or older. Last year December, the oral drug received approval for the treatment of the condition in younger patients as well.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli)