ARNA Arena Pharmaceuticals Inc

By Colin Kellaher

Shares of Arena Pharmaceuticals Inc. took flight in early trading Monday after the clinical-stage biopharmaceutical company agreed to be acquired by Pfizer Inc. for about $6.7 billion.

Pfizer shares also rallied.

New York drugmaker Pfizer said it would pay $100 a share in cash for Arena, more than double Friday's closing price of $49.94 for the San Diego company and nearly 18% above the 52-week high of $85 reached on Feb. 16.

Pfizer said the proposed acquisition would bolster its inflammation and immunology pipeline with Arena's portfolio, including its lead program for etrasimod, which is in studies for ulcerative colitis, Crohn's disease, atopic dermatitis, eosinophilic esophagitis and alopecia areata.

Analysts at Mizuho said they wondered if other companies had been in talks with Arena, given the interest a number of larger biopharma firm have in the inflammation and immunology space. However, Mizuho said it would be surprised to see a rival step in with a better offer.

Pfizer said it plans to finance the transaction with cash on hand.

Arena shares were recently up 84% to $91.95, while Pfizer shares gained 4.6% to $55.22, nearing their 52-week high of $55.70 hit on Nov. 29.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 13, 2021 10:29 ET (15:29 GMT)

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