Pfizer Shares Climb 5% Following Deal to Acquire Arena Pharmaceuticals
13 Dezembro 2021 - 3:57PM
Dow Jones News
By Maria Armental
Pfizer Inc.'s stock gained 5% to $55.53 after reaching a $6.7
billion deal to acquire Arena Pharmaceuticals Inc.
Pfizer's stock on Monday traded as high as $55.73, making it the
second best performer on the S&P 500 by percentage gain on
Monday, behind Moderna Inc., according to FactSet.
Arena's stock surged 80% to $90.01, snapping a two-day losing
streak and on track for the largest one-day percent increase on
record.
Pfizer said it would pay $100 a share for Arena, more than
double Friday's closing price of $49.94.
Arena could be a significant revenue contributor for Pfizer from
2025 to 2030, said Mike Gladstone, Pfizer's global president for
inflammation and immunology.
At the heart of the deal is Arena's lead drug, etrasimod.
In addition to etrasimod's potential near-term launch as an
ulcerative colitis treatment, company officials pointed to its
potential for patients with other indications, such as Crohn's
disease or atopic dermatitis.
The deal is expected to close in the first half of 2022, pending
regulatory approvals.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
December 13, 2021 13:42 ET (18:42 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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