Pfizer has completed its $6.7 billion acquisition of Arena Pharmaceuticals, finalizing a deal that involves multiple cardiovascular properties. The transaction was first announced back in December 2021.
“Pfizer has been on a journey to become a science and innovation-driven biopharmaceutical company, and this will continue to be our focus,” Aamir Malik, executive vice president and chief business innovation officer of Pfizer, said during a conference call with investors and journalists when the deal was first announced. “As an organization, we have to make thoughtful, well-informed capital allocation decisions when it comes to research and development and mergers and acquisitions and drive innovations and advancements in our business model.”
“Pfizer’s capabilities will accelerate our mission to deliver our important medicines to patients,” Amit D. Munshi, president and CEO of Arena, said in a separate statement. “We believe this transaction represents the best next step for both patients and shareholders.”
Etrasimod, an oral medication developed to treat inflammatory conditions such as ulcerative colitis and Crohn’s disease, is at the center of Pfizer’s acquisition, but the company also gained some assets that could boost care for cardiovascular patients.
One of those assets, temanogrel, is currently being studied as a potential treatment for microvascular obstruction. The other, APD418, is a first-in-class treatment for decompensated heart failure (DHF).
“With approximately 10 million DHF patient hospital visits expected in the U.S. by 2025 and few viable treatment options, we believe that APD418 has the potential to make a significant impact for these patients,” Chris Cabell, MD, Arena's senior vice president and chief medical officer, said in a statement in January 2020 after the medication received the FDA’s fast track designation.
According to the terms of the acquisition, Arena was valued at $100 in cash per share. Arena is now a wholly owned subsidiary of Pfizer, and the company’s shares of common stock are being delisted.
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Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.