Arena Pharmaceuticals Agrees to Sell to Pfizer for $6.7 Billion

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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Related Contacts
Jamie Leigh Partner San Francisco
Kevin Cooper Partner New York
Steve Przesmicki Partner San Diego
Jacqueline Grise Partner Washington, DC
Jeffrey J. Tolin Partner New York
Alexander Israel Partner Brussels, London
Barbara Mirza Partner Los Angeles, Palo Alto
Peter Adams Partner San Diego
Phil Mitchell Partner New York
Adriana Wirtz Partner New York
Mika Reiner Mayer Partner Palo Alto
Natasha Leskovsek Of Counsel Washington, DC
Matthew D. Silverman Special Counsel San Diego
Christine Graham Special Counsel London, Brussels
Stella Sarma Special Counsel Brussels, London
Asa Henin Special Counsel San Diego
Sangitha Palaniappa Associate Palo Alto
Maya Rahwanji Associate New York
Heidi E. Wang Associate San Diego
David Burns Associate Washington, DC
Daniel P. Herrmann Associate New York
Matteo Negro Associate Brussels
Eileen Leman Associate Los Angeles
Ross Eberly Partner Los Angeles
Kyrsten Lundh Associate San Diego
Patrick Sharma Associate Los Angeles
Allison Kutner Associate New York
Andrew Epstein Associate Seattle
Dionne A. Thomas Associate San Diego
Penelope Hale Associate London
Madhuri Roy Partner Palo Alto