Pfizer to buy Arena Pharmaceuticals for US$6.7b

[NEW YORK] Pfizer has agreed to acquire Arena Pharmaceuticals in a US$6.7 billion all-cash deal to expand its cancer and inflammatory disease treatment pipeline, the companies said on Monday.

Pfizer will take over all outstanding shares of Arena for US$100 per share, representing a 100.2 per cent premium to Arena's last closing price.

Arena is developing several treatments for gastroenterology, dermatology, and cardiology. The drug developer's ulcerative colitis treatment candidate, etrasimod, is in a late-stage study.

Pfizer said it expects to finance the transaction with cash on hand.

REUTERS