Pfizer bets on Arena Pharmaceuticals' promising bowel disease treatment in $6.7 billion deal
Publishing timestamp: 2021-12-13 11:45:16
Summary
Pfizer to acquire Arena Pharmaceuticals for $6.7 billion in cash to add promising treatment candidate targeting diseases affecting stomach and intestine. This is Pfizer's latest deal to expand its treatment pipeline, following the acquisition of Trillium Therapeutics last month. Arena is developing treatments for gastroenterology, dermatology, and cardiology, with its lead candidate etrasimod being tested in late-stage studies for ulcerative colitis and Crohn's disease. The deal is expected to close in the first half of 2022. Wells Fargo analyst expects positive data from late-stage trial and estimates peak sales of $2.5 billion.
Sentiment: POSITIVE
Keywords: breaking news, pfizer inc, arena pharmaceuticals inc, biotech and pharmaceuticals, business news, health care industry,