Pfizer to buy Arena Pharmaceuticals for $6.7 billon

Pfizer Inc will buy Arena Pharmaceuticals in a $6.7 billion all-cash deal.

The deal is propped to help Pfizer expand its cancer and inflammatory disease treatment pipeline.

Pfizer will take over all outstanding shares of Arena for $100 per share, Reuters confirms.

Arena is developing several treatments for gastroenterology, dermatology, and cardiology.

Arena’s ulcerative colitis treatment candidate, etrasimod, is in a late-stage study, Reuters says.

Pfizer expects to finance the transaction with cash on hand.

Pfizer’s financial advisers for the transaction are BofA Securities and Centerview Partners LLC, while Guggenheim Securities LLC and Evercore Group LLC advised Arena.

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