Arena Pharmaceuticals

Arena Pharmaceuticals is a biopharmaceutical company that develops low molecular weight drugs for possible clinical use in various areas of therapy.

History

2021: Pfizer bought Arena Pharmaceuticals for $6.7 billion

On December 13, 2021, Pfizer announced the purchase of Arena Pharmaceuticals, a company in the clinical stage of developing innovative potential therapies for the treatment of a number of immuno-inflammatory diseases. Under the terms of the agreement, Pfizer will acquire all outstanding Arena shares at a price of $100 per share, the total share value will be about $6.7 billion. The boards of directors of both companies unanimously approved the deal. The deal is expected to close in the first half of 2022.

Arena Pharmaceuticals portfolio includes diverse and promising therapeutic drugs that are under development in gastroenterology, dermatology and cardiology. Including Etrasimod, an oral selective modulator of sphingosine-1-phosphate (S1P) receptors, which as of December 2021 is being developed to treat a range of immuno-inflammatory diseases, including gastrointestinal and dermatological, research is expected to be completed by the end of 2022.

Pfizer has acquired a developer of drugs for the treatment of autoimmune diseases for $6.7 billion

The acquisition of Arena Pharmaceuticals complements our capabilities and expertise in inflammation and immunology, Pfizer's innovative engine developing potential therapies for patients with debilitating immuno-inflammatory diseases in need of more effective treatment options. Using Pfizer's leading research and global development capabilities, we plan to accelerate the clinical development of Etrasimod for patients with immuno-inflammatory diseases, said Mike Gladstone, global president and CEO of Pfizer's Division of Inflammation and Immunology.

Pfizer's financial advisers on the transaction are BofA Securities and Centerview Partners, legal advisers to Ropes & Gray and Arnold & Porter Kaye Scholer. Guggenheim Securities and Evercore Group acted as financial advisers to Arena Pharmaceuticals and Cooley as legal advisor.^[1]

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