Pfizer Inc. (NYSE: PFE) has agreed to purchase Arena Pharmaceuticals Inc. (Nasdaq: ARNA) for $6.7 billion in a cash deal. The deal will be completed by H1 of 2022.
Arena pharmaceuticals shares have surged 93% to $96.45 during pre-market hours whereas, while shares of Pfizer scaled 1.6%. Pharmaceutical and biotechnology MNC said it would buy all the outstanding shares of Arena at $100 per share. That is double the Arena’s closing price on Friday.
Purpose of the Deal:
Mike Gladstone, Executive of Pfizer, stated the proposed deal complements our capabilities and expertise in immunology and inflammation. In addition, it is also planning to fasten up the development of etrasimod (treatment for immune and inflammatory diseases).
The transaction would increase the delivery of the e...
