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  • Pfizer Buys Immuno- Inflammatory Firm Arena For $6.7 Billion
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Pfizer Buys Immuno- Inflammatory Firm Arena For $6.7 Billion

Will Lisil 16/12/2021 3 min read

Pfizer has agreed to buy the US biotechnology company Arena Pharmaceuticals in a deal valued at about $6.7 billion.
The US pharmaceutical giant said the acquisition will expand its line of drugs for cancer and inflammatory diseases.

Arena Pharmaceuticals (ticker: ARNA) rose 93% to $96.45 pre-market, while Pfizer (PFE) shares rose 1.6%. Under the agreement, Pfizer will acquire all of Arena’s outstanding shares for $100 in an all-cash transaction. This represents a premium of 100.2% over the Friday closing price of Arena shares.

Arena’s drug pipeline includes several candidates such as treatments in gastroenterology, dermatology and cardiology. One such drug is etrasimod, which is currently in development for a number of immunoinflammatory diseases in late-stage studies.

There is also a planned Phase 3 program for atopic dermatitis. And phase 2 studies are ongoing in eosinophilic esophagitis, which can damage the throat and cause difficulty in swallowing, and alopecia areata, which causes hair to fall in clumps.

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“Using Pfizer’s leading global research and development capabilities, we plan to accelerate the clinical development of etrasimod for patients with immunoinflammatory diseases,” said Mike Gladstone, Global Head of Pfizer Inflammation and Immunology.

In addition, Arena’s pipeline includes two earlier-stage cardiovascular treatments. The first, temanogrel, is in Phase 2 studies for the treatment of obstruction of smaller arteries and Raynaud’s phenomenon, which can result in numbness in the fingers and toes and other extremities. Another candidate, APD418, is in Phase 2 studies for acute heart failure.

“The proposed Arena acquisition complements our capabilities and expertise in Inflammation and Immunology, an innovation engine at Pfizer that develops potential therapies for patients with debilitating immunoinflammatory diseases in need of more effective treatment options,” said Mike Gladstone, global president and manager general, Pfizer Inflammation and Immunology.

“Pfizer’s capabilities will accelerate our mission to deliver our important drugs to patients,” said Amit D. Munshi, Arena President and Chief Executive Officer. “We believe this transaction represents the best next step for patients and shareholders.”
The company said it expects to finance the transaction with existing cash on hand.

Arena executive offices are located in Park City, Utah. But one of the company’s main clinical centers is located in San Diego. For years, Arena was headquartered locally, but moved to reposition itself after an obesity drug failed to gain traction in the market.

Founded in 1997, Arena employs around 360 ​​employees, primarily in San Diego, Boston and Switzerland. Under the terms of the acquisition, Pfizer will pay $100 per share for Arena. The pharmaceutical giant has nearly $28 billion in cash as sales of its COVID-19 vaccine have boosted revenue.

The company said it expects to finance the transaction with existing cash on hand.

About Post Author

Will Lisil

Director & Digital Creator at MW3.biz Ltd, United Kingdom.

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Tags: Arena Biotech Economy mw3 news news pfizer vaccine

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