Deals
Pfizer to Buy Arena at 100% Premium in $6.7 Billion Deal
- Drugmaker plans to speed development of Arena’s etrasimod
- Cash purchase brings assets in digestive, skin, heart diseases
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Pfizer Inc. agreed to buy Arena Pharmaceuticals Inc. in a deal valued at about $6.7 billion that brings potential therapies targeting immuno-inflammatory diseases.
The drug giant will pay $100 a share in an all-cash transaction for San Diego-based Arena and its assets in gastroenterology, dermatology and cardiology, according to a statement Monday. That’s about double Arena’s Friday closing price.