Pfizer Inc (NYSE:PFE) has agreed to acquire Arena Pharmaceuticals Inc (NASDAQ:ARNA), a clinical-stage company developing therapies to treat several immuno-inflammatory diseases.
- Under the agreement terms, Pfizer will acquire Arena for $100 per share in an all-cash transaction for a total equity value of approximately $6.7 billion.
- Also See: Pfizer Beefs Up Blood Cancer Pipeline With Trillium Acquisition: See Highlights.
- Arena's portfolio includes development-stage therapeutic candidates in gastroenterology, dermatology, and cardiology, including etrasimod, an oral, selective sphingosine 1-phosphate (S1P) receptor modulator.
- Arena's etrasimod program 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.
- Pfizer expects to finance the transaction with existing cash on hand. It ended Q3 with cash and cash equivalents of $1.97 billion and short-term investments of $27.7 billion.
- Related: Arena Pharma In-Licenses Aristea's CXCR2 Antagonist For Immune-Mediated Inflammatory Diseases.
- Price Action: ARNA shares are up 93.00% at $96.39, and PFE stock is up 1.46% at $53.55 during the premarket session on Monday's last check.
