Arena Pharmaceuticals Shares Soar on $6.7B Deal With Pfizer

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Arena Pharmaceuticals Shares Soar on $6.7B Deal With Pfizer
Credit: © Reuters.

By Catherine Reynolds

Investing.com -- Arena Pharmaceuticals Inc (NASDAQ: ARNA ) shares jumped 82% on Monday after Pfizer Inc (NYSE: PFE ) announced plans to buy the drug developer for $6.7 billion.

The move was approved unanimously by the boards of both companies.

Pfizer said it expects to use cash on hand to finance the deal for Arena, which develops immune-inflammatory disease therapies.

Mike Gladstone, global president and general manager of Pfizer, said that the merged company planned to accelerate the clinical development of etrasimod, a therapy for the treatment of gastrointestinal and dermatological diseases.

“The proposed acquisition of Arena complements our capabilities and expertise in Inflammation and Immunology,” Gladstone said.

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