Pfizer to Acquire Arena Pharmaceuticals

December 17, 2021

Pfizer and Arena Pharmaceutical on Dec. 13 announced that the companies have entered into an agreement under which Pfizer will acquire Arena, a clinical stage company developing innovative 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.

“We’re delighted to announce Pfizer’s proposed acquisition of Arena, recognizing Arena’s potentially best in class S1P molecule and our contribution to addressing unmet needs in immune-mediated inflammatory diseases,” said Amit D. Munshi, president and chief executive officer of Arena. “Pfizer’s capabilities will accelerate our mission to deliver our important medicines to patients.”

While Arena does not have operations in Utah, they moved their corporate headquarters to Park City over a year ago and are a valuable member of BioUtah.

“BioUtah congratulates Amit and the Arena team,” said Kelvyn Cullimore, president and CEO of BioUtah. “Arena’s move to the state reflects the high-level of talent and innovation that our BioHive is attracting. Pfizer has long been supportive of Utah’s growing life sciences industry. We look forward to Pfizer’s further engagement with this acquisition.”

Arena’s portfolio includes diverse and promising development-stage therapeutic candidates targeting gastroenterology, dermatology, and cardiology. The proposed acquisition allows Arena to utilize Pfizer’s established infrastructure across global markets and expertise in inflammation and immunology, as well as cardiology, to accelerate and advance the company’s Arena’s pipeline. Arena’s motto really says it all: Care more. Act differently.

The proposed transaction is subject to customary closing conditions.