Pfizer acquires Arena for $6.7B

Pfizer has completed its acquisition of Arena Pharmaceuticals, a drugmaker developing potential treatments for several immuno-inflammatory diseases.

Pfizer acquired Arena for $100 per share in an all-cash transaction valued at about $6.7 billion, the companies said in a March 11 news release.

Arena's lead drug candidate is etrasimod, an oral treatment being tested to treat inflammatory bowel diseases.

"We are excited to add the impressive experience and pipeline of Arena Pharmaceuticals to Pfizer's inflammation and immunology therapeutic area, helping us further our purpose of developing breakthroughs to change the lives of those with immuno-inflammatory diseases," Mike Gladstone, global president and general manager of Pfizer Inflammation and Immunology, said in the news release. "In particular, we're hopeful that we can accelerate clinical development of etrasimod successfully to have a positive impact on those living with these debilitating diseases."

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