PFIZER WILL PAY $6.7 BILLION IN CASH TO BUY ARENA PHARMACEUTICALS

Mon 13 December 2021:

Pfizer announced on Monday that it will pay $6.7 billion for Arena Pharmaceuticals, an American biotech startup.

“Pfizer Inc. (NYSE: PFE) and Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) announced today that the companies have entered into a definitive agreement under which Pfizer will acquire Arena, a clinical stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases,” according to the release.

Arena Pharmaceuticals Inc., based in Park City, Utah, has lost nearly $461,000 through the first nine months of this year. Most of its revenue comes from royalties.

Arena’s stock climbed to $95.11 before the opening bell. Shares of Pfizer Inc., based in New York, rose 60 cents to $53.38.

Pfizer will pay $100 per share for all outstanding Arena shares in an all-cash transaction valued at approximately $6.7 billion.

The transaction has been unanimously approved by the boards of directors of both pharmaceutical companies.

According to the statement, Arena’s portfolio includes intriguing development-stage treatment candidates in gastrointestinal, dermatology, and cardiology.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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