Pfizer announced on Monday a definitive agreement to acquire all the outstanding shares of cannabinoid medicines specialist Arena for US$100 per share in an all-cash deal, valuing Arena for about US$6.7bn.
Through this acquisition Pfizer plans to gain access to Arena’s auto-immune therapy Etrasimod. Based in Park City, Utah, Arena Pharmaceuticals is a biopharmaceutical company that develops a diversified portfolio of therapeutic candidates targeting gastroenterology, dermatology, and cardiology. According to the press release, Arena has built a robust development program for etrasimod, including two Phase 3 studies in ulcerative colitis (UC), a Phase 2/3 program in Crohn’s Disease, a planned Phase 3 program in atopic dermatitis, and ongoing Phase 2 studies in eosinophilic esophagitis and alopecia areata.
Pfizer is using its newfound vaccine related cash to acquiring several companies and the announcement to acquire Arena comes less than a month after Pfizer closed its $2.2 billion deal to acquire Trillium Therapeutics.
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