Pfizer has concluded the takeover of the complete outstanding shares, options and restricted stock units of clinical-stage firm Arena Pharmaceuticals for an equity price of nearly $6.7bn or $100 for each share in cash.
In December last year, Pfizer entered a definitive agreement to acquire Arena.
Arena develops novel therapies to treat various immuno-inflammatory ailments.
With the acquisition, Pfizer will gain access to Arena’s portfolio of various treatment candidates being developed for gastroenterology, dermatology and cardiology areas.
Pfizer will also gain rights to Arena’s oral, selective sphingosine 1-phosphate (S1P) receptor modulator, etrasimod, being developed for various immuno-inflammatory ailments including Crohn’s disease, ulcerative colitis, eosinophilic esophagitis, alopecia areata and atopic dermatitis.
Earlier, Arena reported that the company anticipates results from the Phase III ELEVATE-UC clinical trial of etrasimod to treat ulcerative colitis in the first quarter of this year.
In addition to etrasimod, two cardiovascular assets currently in the developmental stage, temanogrel and APD418, are included in Arena’s pipeline.
Temanogrel is being analysed for microvascular obstruction and Raynaud’s phenomenon secondary to systemic sclerosis while APD418 is being assessed for acute heart failure.
With the conclusion of the acquisition, Arena became Pfizer’s fully-owned subsidiary.
Pfizer Inflammation and Immunology global president and general manager Mike Gladstone said: “We are excited to add the impressive experience and pipeline of Arena Pharmaceuticals to Pfizer’s Inflammation and Immunology therapeutic area, helping us further our purpose of developing breakthroughs to change the lives of those with immuno-inflammatory diseases.
“In particular, we’re hopeful that we can accelerate the clinical development of etrasimod successfully to have a positive impact on those living with these debilitating diseases.”