Pfizer Bets on Arena’s Promising Bowel Disease Treatment in $6.7 Billion Deal

Pfizer Bets on Arena’s Promising Bowel Disease Treatment in $6.7 Billion Deal
The Pfizer Inc. logo is seen outside the company's headquarters in New York City on March 2, 2021. Carlo Allegri/Reuters
Reuters
Updated:

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 percent to $95.90 in premarket trading.