Pfizer Inc said on Monday it would buy drug developer Arena Pharmaceuticals for $6.7 billion in cash, to add a promising treatment candidate that targets diseases affecting the stomach and intestine.
for $6.7 billion in cash, to add a promising treatment candidate that targets diseases affecting the stomach and intestine.
This is the latest deal Pfizer has struck this year to expand treatment pipeline. The company last month acquired immuno-oncology company Trillium Therapeutics Inc for about $2.22 billion to strengthen its arsenal of blood cancer therapies.Arena is developing several treatments for gastroenterology, dermatology and cardiology.
"The proposed acquisition of Arena complements our capabilities and expertise in inflammation and immunology," Pfizer executive Mike Gladstone said, adding the company plans to accelerate the clinical development of etrasimod.
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