Big Law
Pfizer Offers $6.7 Billion to Buy Arena Pharmaceuticals
Pfizer Inc said on Monday it would buy drug developer Arena Pharmaceuticals for $6.7 billion in cash, to add a promising treatment candidate that targets diseases affecting the stomach and intestine.
The $100 per share offer is double the last closing price of Arena’s shares, which surged 92% to $95.90 in premarket trading.
This is the latest deal Pfizer has struck this year to expand treatment pipeline. The company last month acquired immuno-oncology company Trillium Therapeutics Inc for about $2.22 billion to strengthen its arsenal of blood cancer therapies.
