Press Release

Arena Pharmaceuticals Agrees to Sell to Pfizer for $6.7 Billion

December 15, 2021

San Francisco – December 15, 2021 – Cooley advised Arena Pharmaceuticals, a clinical-stage company developing innovative potential therapies for the treatment of several immuno-inflammatory diseases, on its definitive agreement to sell to Pfizer for $6.7 billion. Partners Jamie Leigh, Kevin Cooper and Steve Przesmicki led the Cooley team advising Arena.

Under the terms of the agreement, Pfizer will acquire all outstanding shares of Arena for $100 per share in an all-cash transaction. The proposed transaction is subject to customary closing conditions, including receipt of regulatory approvals and approval by Arena’s stockholders.

“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,” Amit Munshi, president and chief executive officer of Arena, said in a news release. “Pfizer’s capabilities will accelerate our mission to deliver our important medicines to patients. We believe this transaction represents the best next step for both patients and shareholders.”

Arena is a team with a singular purpose – deliver important medicines to patients. In a rapidly changing global market, the company works with a sense of urgency to understand the needs of all stakeholders, identify bold and sometimes disruptive ideas to get medicines to patients, and relentlessly execute until it’s done. Arena’s portfolio includes diverse and promising development-stage therapeutic candidates in gastroenterology, dermatology and cardiology.

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