A person walks past the Pfizer Headquarters building in New York, November 9, 2020.
Carlo Allegri | Reuters
Pfizer has entered into a definitive agreement to acquire Arena Pharmaceuticals in a $6.7 billion deal, a regulatory filing showed on Monday.
Pfizer will take over all outstanding shares of Arena for $100 per share, representing a 100.2% premium to Arena’s last closing price.
Arena is developing several treatments for gastroenterology, dermatology, and cardiology. The drug developer’s ulcerative colitis treatment candidate, etrasimod, is in a late-stage study.
Pfizer said it expects to finance the transaction with cash on hand.
Pfizer’s financial advisers for the transaction are BofA Securities and Centerview Partners LLC, while Guggenheim Securities LLC and Evercore Group LLC advised Arena.
This story is developing. Please check back for updates.
