Pfizer punts $6.7 billion on expanding immuno-inflam portfolio
US pharma giant Pfizer (NYSE: PFE) today revealed it has entered into a definitive agreement to acquire Arena Pharmaceuticals (Nasdaq: ARNA), a clinical stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases.
Under the terms of the agreement, Pfizer will acquire all the outstanding shares of Arena for $100 per share in an all-cash transaction for a total equity value of approximately $6.7 billion. The boards of directors of both companies have unanimously approved the transaction. News of the deal pushed Arena’s shares up 96% to $98.00 in pre-market trading this morning.
This is the third M&A deal for Pfizer so far this year. with the company having acquired Canada’s Trillium Therapeutics for $2.26 billion, and USA-based Amplyx Pharma for an undisclosed amount. Pfizer expects to finance the latest transaction with existing cash on hand.
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