By Matt Grossman

Pfizer Inc. plans to acquire Arena Pharmaceuticals Inc. in a deal valuing Arena at $6.7 billion, the companies said Monday.

Pfizer plans to buy Arena's outstanding shares for $100 a share in an all-cash transaction.

Arena's shares closed on Friday at $49.94. They climbed 92% in pre-market trading Monday morning.

Pfizer shares rose 1.6%.

Arena, based in Park City, Utah, is developing drugs for gastroenterology, dermatology and cardiology, the company said.

A Pfizer executive said the acquisition would complement its inflammation and immunology work. Pfizer, based in New York City, plans to finance the transaction with cash on hand.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

December 13, 2021 06:41 ET (11:41 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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