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has agreed to purchase U.S. biotech company
Arena Prescribed drugs
in a offer valued at about $6.7 billion.
The U.S. pharma large said the acquisition would develop its cancer and inflammatory disorder drug pipeline.
Shares in Arena Pharmaceuticals (ticker: ARNA) surged 93% to $96.45 in premarket buying and selling, while Pfizer (PFE) stock climbed 1.6%. Below the agreement, Pfizer will receive all the exceptional shares of Arena for $100 a share in an all-money offer. That signifies a 100.2% premium to Friday’s closing price tag on Arena shares.
Arena’s drug pipeline consists of quite a few candidates as treatments in gastroenterology, dermatology, and cardiology. One particular these types of drug is etrasimod, which is presently in enhancement for a vary of immuno-inflammatory diseases in late-phase studies.
“The proposed acquisition of Arena enhances our abilities and abilities in Irritation and Immunology, a Pfizer innovation engine acquiring likely therapies for clients with debilitating immuno-inflammatory illnesses with a need for much more helpful therapy choices,” mentioned Mike Gladstone, worldwide president and General Supervisor, Pfizer Swelling and Immunology.
The business said it expects to finance the transaction with present dollars in hand.
Publish to Callum Keown at [email protected]