Tuesday, May 28, 2024

Pfizer Completes the Acquisition of Arena Pharmaceuticals

Pfizer Completes the Acquisition of Arena Pharmaceuticals

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Pfizer Inc. (NYSE: PFE) has recently announced the completion of its acquisition of Arena Pharmaceuticals, a clinical stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases.

Pfizer has completed its acquisition of all outstanding shares, options, and restricted stock units of Arena for $100 per share, in cash, for a total equity value of approximately $6.7 billion. The acquisition was completed by way of a merger in accordance with Delaware law and, as a result of the acquisition, Arena became a wholly-owned subsidiary of Pfizer. In connection with the acquisition, Arena’s shares of common stock was delisted from the Nasdaq Global Select Market last March 11, 2022.

Arena Pharmaceuticals brings to Pfizer a portfolio of diverse and promising development-stage therapeutic candidates in gastroenterology, dermatology, and cardiology, including etrasimod, an oral, selective sphingosine 1-phosphate (S1P) receptor modulator currently in development for a range of immuno-inflammatory diseases including ulcerative colitis, Crohn’s Disease, atopic dermatitis, eosinophilic esophagitis, and alopecia areata.

“We are excited to add the impressive experience and pipeline of Arena Pharmaceuticals to Pfizer’s Inflammation and Immunology therapeutic area, helping us further our purpose of developing breakthroughs to change the lives of those with immuno-inflammatory diseases,” said Mike Gladstone, Global President & General Manager, Pfizer Inflammation and Immunology. “In particular, we’re hopeful that we can accelerate clinical development of etrasimod successfully to have a positive impact on those living with these debilitating diseases.”

Arena has previously indicated that it expected the results of the Phase 3 ELEVATE-UC trial of etrasimod in ulcerative colitis during the first quarter of 2022.

Arena’s pipeline also includes two development-stage cardiovascular assets:

  1. Temanogrel for microvascular obstruction and Raynaud’s phenomenon secondary to systemic sclerosis, and
  2. APD418 for acute heart failure.