The two publicly traded firms announced on Monday that they have inked a formal deal under which Pfizer would pay $100 per share in cash for all outstanding shares of Arena.
Arena Pharmaceuticals, headquartered in San Diego, California, is a biotech business with a cannabinoid-type medicines component in its pipeline.
Amit D. Munshi, president and CEO of Arena said they are thrilled to be acquired by Pfizer, which recognized “Arena’s potentially best in class S1P molecule and our contribution to addressing unmet needs in immune-mediated inflammatory diseases. Pfizer’s capabilities will accelerate our mission to deliver our important medicines to patients. We believe this transaction represents the best next step for both patients and shareholders.”
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