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Pfizer acquired Arena Pharmaceuticals for $6.7B.
Pfizer completed its $6.7 billion acquisition of Arena Pharmaceuticals, gaining etrasimod, an oral selective S1P receptor modulator in development for…
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Pfizer acquired Arena Pharmaceuticals for $6.7 billion in cash ($100.00/share) via a tender offer plus second-step merger, announced December 13, 2021 and completed March 11, 2022. The strategic rationale was Arena's immuno-inflammatory pipeline, led by etrasimod, an oral, once-daily, selective sphingosine-1-phosphate (S1P) receptor modulator. Etrasimod won U.S. FDA approval as VELSIPITY for moderately-to-severely active ulcerative colitis on October 12, 2023, followed by EU approval in 2024 — validating the deal's core thesis. Pfizer subsequently pruned the broader etrasimod program, discontinuing Phase 2 studies in atopic dermatitis and alopecia areata in May 2024 as part of a cost-and-pipeline review, narrowing the asset toward its approved UC indication and adjacent GI development.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Pfizer Inc. / Arena Pharmaceuticals (this deal) | 2021 | $6.7B | 63 |
| Pfizer Inc. / BioNTech SE | 2020 | $748M | 100 |
| Pfizer Inc. / FoldRx Pharmaceuticals | 2010 | — | 99 |
| Pfizer Inc. / Medivation Inc. | 2016 | $14.0B | 86 |
| Pfizer Inc. / Wyeth | 2009 | $68.0B | 86 |
| Pfizer Inc. / Warner-Lambert Company | 2000 | $90.0B | 83 |
| Pfizer Inc. / Arvinas, Inc. | 2021 | $2.4B | 77 |
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