Pfizer to Acquire Arena Pharmaceuticals in a $6.7B Deal
Dec 13, 2021 By MarketDepth
Pfizer Inc. (NYSE: PFE) today announced that it has entered into a definitive agreement to acquire Arena Pharmaceuticals Inc. (NASDAQ: ARNA).
Shares of Arena Pharmaceuticals Inc. (NASDAQ: ARNA) surged over 86% in premarket trading, as shares of Pfizer Inc. (NYSE: PFE) gained 1.2%.
The all-cash transaction has a total equity value of approximately $6.7 billion, with Pfizer to acquire all the outstanding shares of Arena for $100 per share. The proposed acquisition offers a “potentially new, differentiated best-in-class approach to address unmet need for a broader number of patients with immuno-inflammatory diseases,” according to the Pfizer press release.
“The proposed acquisition of Arena complements our capabilities and expertise in Inflammation and Immunology, a Pfizer innovation engine developing potential therapies for patients with debilitating immuno-inflammatory diseases with a need for more effective treatment options.”Mike Gladstone, Global President & General Manager, Pfizer Inflammation and Immunology
Arena’s development program includes development-stage therapeutic candidates in gastroenterology, dermatology, and cardiology as well as two development-stage cardiovascular assets, temanogrel and APD418.
“We’re delighted to announce Pfizer’s proposed acquisition of Arena, recognizing Arena’s potentially best in class S1P molecule and our contribution to addressing unmet needs in immune-mediated inflammatory diseases.”Amit D. Munshi, President and Chief Executive Officer of Arena