By Catherine Reynolds
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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