Financial News:
Arena CEO, Amit Munshi
Pfizer has agreed to cash buy Arena Pharmaceuticals in a deal with a value of about $6.7 billion. The announcement bolstered Arena shares (ARNA) by 91% in premarket.
Pfizer will pay $100 per Arena share, doubling Friday's closing price of $49.94. Pfizer is expecting to finance the deal using cash on hand. Pfizer shares were up 1.8% premarket on the news.
Photo: The weight-loss market proved a bust for Arena Pharmaceuticals Inc., but its pipeline of medicines prompted a renewal, says company CEO Amit Munshi. Photo by Jamie Scott Lytle.
Content ID: 1639396438 Created Monday, December 13, 2021 11:53 AM UTC by Aaron Stipkovich, Updated Monday, December 13, 2021 12:11 PM UTC by Aaron Stipkovich.