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Financial News: Pfizer to buy Arena Pharmaceuticals $6.7B

Financial News:

Pfizer to buy Arena Pharmaceuticals $6.7B

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.

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    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.