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Pfizer will take over all outstanding shares of Arena for $100 per share, representing a 100.2% premium to Arena’s last closing price.
Arena is developing several treatments for gastroenterology, dermatology, and cardiology. The drug developer’s ulcerative colitis treatment candidate, etrasimod, is in a late-stage study.
Pfizer said it 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.
