Pfizer Inc. PFE, +1.34 percent announced Monday that it has agreed to purchase Arena Pharmaceuticals Inc. ARNA, -5.33 percent in a $6.7 billion deal. Arena stock jumped 91 percent in premarket trading as a result of the news. Pfizer will pay $100 for each Arena share, or more than quadruple the stock’s Friday closing price of $49.94. According to Mike Gladstone, global president, and general manager of Pfizer’s inflammation and immunology division, the acquisition will result in a company with greater expertise in inflammation and immunology. “Arena has established a robust development program for etrasimod, which includes two Phase 3 studies in ulcerative colitis (UC), a Phase 2/3 program in Crohn’s Disease, a planned Phase 3 program in atopic dermatitis, and ongoing Phase 2 studies in eosinophilic esophagitis and alopecia areata,” the companies said in a statement. Pfizer expects to fund the transaction using cash on hand. Pfizer’s stock rose 1.8 percent in premarket trading as a result of the announcement.
Arena Pharmaceuticals will be acquired by Pfizer in a $6.7 billion agreement.
December 13, 2021
You may also like
About the author
Kathy Lewis is an all-around geek who loves learning new stuff every day. With a background in computer science and a passion for writing, she loves writing for almost all the sections of Editorials99.
- Trump ‘hush money’ grand jury scheduled to pick up today
- Hypochlorous Acid Market Poised for Steady Growth as Demand for Safe and Effective Disinfectants Surges
- Dick Van Dyke, who is 97, was in an automobile accident in Malibu.
- Willie Gonzalez, who used to be Jennifer Lopez’s bodyguard, was pepper-sprayed in a NYCHA building.
- Meghan won’t be “brave enough” to go to the coronation with Prince Harry.