(RTTNews) - Pfizer Inc. (PFE) and Arena Pharmaceuticals, Inc. (ARNA) have entered into a definitive agreement under which Pfizer will acquire Arena. Pfizer will acquire all the outstanding shares of Arena for $100 per share in an all-cash deal for a total equity value of approximately $6.7 billion.
Arena is a clinical stage company developing potential therapies for the treatment of several immuno-inflammatory diseases. It has development program for etrasimod, including two phase 3 studies in ulcerative colitis, a phase 2/3 program in Crohn's Disease, a planned phase 3 program in atopic dermatitis, and ongoing phase 2 studies in eosinophilic esophagitis and alopecia areata.
Mike Gladstone, Global President & General Manager, Pfizer Inflammation and Immunology, said: "Utilizing Pfizer's research and global development capabilities, we plan to accelerate the clinical development of etrasimod for patients with immuno-inflammatory diseases."
Shares of Arena Pharmaceuticals were up 92% in pre-market trade on Monday.
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