Pfizer to buy Arena Pharmaceuticals for $6.7 billion, or $100 per share
Pfizer Inc. PFE, +1.34% said Monday it has agreed to acquire Arena Pharmaceuticals Inc.
in a deal with a value of about $6.7 billion. The news sent Arena shares up 91% in premarket trading. Pfizer will pay $100 per Arena share, or double its closing price Friday of $49.94. The deal will create a company with increased expertise in inflammation and immunology, according to Mike Gladstone, global president and general manager for Pfizer's inflammation and immunology division.
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