Pfizer (NYSE:PFE) has completed its $6.7 billion acquisition of Arena Pharmaceuticals, a developer of immuno-inflammatory drugs. The acquisition of San Diego-based Arena will bolster Pfizer’s pipeline of therapeutic candidates in gastroenterology, dermatology and cardiology. Among Arena Pharmaceuticals’ assets is etrasimod, an oral, selective sphingosine 1-phosphate (S1P) receptor modulator with the potential to treat ulcerative colitis…
Pfizer plans to buy Arena Pharmaceuticals for $6.7 billion
Pfizer (NYSE:PFE) plans to spend almost $7 billion to acquire Arena Pharmaceuticals (NSDQ:ARNA). The purchase would bolster its pipeline of immuno-inflammatory drugs. ARNA shares surged 80% to $90.08 after the announcement. PFE shares ticked up to $55.20 to 4.57%. The transaction was valued at $100 per Arena share in cash. The proposal has won the unanimous…