Pfizer Announced its Acquisition of Arena Pharmaceuticals in a $6.7 Billion
Hey Tigers!
Do you notice Pfizer's new play?
Pfizer announced its acquisition of Arena Pharmaceuticals today in a $6.7 billion deal for the company’s research on inflammatory conditions affecting the stomach and intestine. Pfizer will pay Arena $100/share in cash.
Shares of Arena stock nearly doubled yesterday as the company pursues treatments for ulcerative colitis and Crohn’s disease, as well as other dermatological, gastrointestinal, and cardiac conditions — Arena’s etrasimod drug for ulcerative colitis/Crohn’s is currently in late-stage trials. The acquisition’s timing is no coincidence as Pfizer also investigates treatments for gastrointestinal conditions.
Pfizer is on a roll, lately. In addition to the obvious success of the company’s COVID-19 vaccine, Pfizer also acquired the immuno-oncology company Trillium Therapeuticslast month to scale its blood cancer research. The Arena acquisition will boost Pfizer’s proficiency in gastroenterology, dermatology, and cardiology.
If etrasimod’s late-stage data is promising, Wells Fargo analysts estimate the drug could rake in as much as $2.5 billion in sales.
Is this a successful acquisition?
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