That’s right, Pfizer is about buy Arena Pharmaceuticals for $6.7 billion, now guess what products they work on and develop America?
That’s right, they work on potential therapies for immune-inflammatory diseases. You know, since Covid causes Myocarditis in male adolescents and young adults 16 years and older, we wonder why they’re buying this company. Yes, we’re being sarcastic.
The drug giant will pay $100 a share in an all-cash transaction for San Diego-based Arena and its assets to gastroenterology, dermatology, and CARDIOLOGY, Bingo, right?
That’s about double Arena’s Friday closing price.
Analysts cautioned that the deal is likely to come under close regulatory scrutiny. Arena shares rose as much as 88% — still short of the deal price — as of 11:01 a.m. in New York, while Pfizer’s gained as much as 5.2%.
Pfizer, which partnered with BioNTech SE on the widely used Comirnaty Covid-19 vaccine, said the deal complements its capabilities in inflammation and immunology and will contribute to growth through 2025 and beyond. Pfizer plans to speed up clinical development of etrasimod, Arena’s lead drug candidate, said Mike Gladstone, global president and general manager of the drugmaker’s inflammation and immunology business.
We’re sure Pfizer is really excited about the Cardiology principles they’ll get from this merger, since it compliments the side effects of the Covid-19 vaccine.