Arena Pharmaceuticals Inc (NASDAQ: ARNA) is soaring Monday morning after Pfizer Inc (NYSE: PFE) announced it would acquire the company for $100 per share.
The all-cash transaction represents a total equity value of approximately $6.7 billion. The boards of directors of both companies have unanimously approved the transaction.
"We’re delighted to announce Pfizer’s proposed acquisition of Arena, recognizing Arena’s potentially best in class S1P molecule and our contribution to addressing unmet needs in immune-mediated inflammatory diseases," said Amit Munshi, president and CEO of Arena Pharmaceuticals.
"Pfizer’s capabilities will accelerate our mission to deliver our important medicines to patients. We believe this transaction represents the best next step for both patients and shareholders," Munshi added.
Arena Pharmaceuticals is a clinical-stage biotechnology company targeting G-protein-coupled receptors by developing innovative potential therapies for the treatment of several immuno-inflammatory diseases.
ARNA Price Action: Arena Pharmaceuticals has traded as low as $45.50 over a 52-week period. It's making new 52-week highs Monday.
The stock was up 83.90% at $91.82 at time of publication.
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