Pfizer to acquire Arena Pharmaceuticals in deal valued at about $6.7 billion

Pfizer Inc. PFE, +1.34% said Monday it has agreed to get Arena Pharmaceuticals Inc. ARNA, -5.33% successful a woody with a worth of astir $6.7 billion. The quality sent Arena shares up 91% successful premarket trading. Pfizer volition wage $100 per Arena share, oregon treble its closing terms Friday of $49.94. The woody volition make a institution with accrued expertise successful inflammation and immunology, according to Mike Gladstone, planetary president and wide manager for Pfizer's inflammation and immunology division. "Arena has built a robust improvement programme for etrasimod, including 2 Phase 3 studies successful ulcerative colitis (UC), a Phase 2/3 programme successful Crohn's Disease, a planned Phase 3 programme successful atopic dermatitis, and ongoing Phase 2 studies successful eosinophilic esophagitis and alopecia areata," the companies said successful a statement. Pfizer is expecting to concern the woody utilizing currency connected hand. Pfizer shares were up 1.8% premarket connected the news.