Pfizer to Acquire Arena Pharmaceuticals — “A major endorsement for the medical cannabis sector”
Pfizer and Arena Pharmaceuticals announced that the companies have entered into a definitive agreement under which Pfizer will acquire Arena, a clinical stage company developing potential therapies for the treatment of several immuno-inflammatory diseases. Under the terms of the agreement, Pfizer will acquire all the outstanding shares of Arena for $100 per share in an all-cash transaction for a total equity value of approximately $6.7 billion. The boards of directors of both companies have unanimously approved the transaction.
“The proposed acquisition of Arena complements our capabilities and expertise in Inflammation and Immunology, a Pfizer innovation engine developing potential therapies for patients with debilitating immuno-inflammatory diseases with a need for more effective treatment options,” said Mike Gladstone, Global President & General Manager, Pfizer Inflammation and Immunology. “Utilizing Pfizer’s leading research and global development capabilities, we plan to accelerate the clinical development of etrasimod for patients with immuno-inflammatory diseases.”
According to CBDX, a medical cannabis and wellness brand, this announcement is just the latest case of big pharma becoming unafraid of touching cannabinoid-based research. Nawan Butt, Portfolio Manager: “This acquisition displays the interest big pharma is taking in the fast-evolving world of cannabinoids. We are encouraged by the acquisition as it provides more resources and a wider platform for pharmaceutical development of cannabinoids. Overall, this transaction is in line with Pfizer’s long-term focus on research and a great win for our investors.”
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Pfizer to Acquire Arena Pharmaceuticals
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