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<ul class="summary-list"><li>Arena Pharma surged 97% on Monday as Pfizer said it will buy the drug developer in a $6.7 billion deal. </li><li>Pfizer will pay $100 in cash for all of Arena's outstanding shares, a deal approved by both boards. </li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/arna-stock">Arena Pharmaceuticals</a> almost doubled in price Monday after <a href="https://markets.businessinsider.com/stocks/arna-stock">Pfizer</a> said it's reached a $6.7 billion deal to buy the Boston-based developer of medicines targeting immuno-inflammatory diseases. Arena soared 89% and jumped as much as 97% when they hit $98.50 during premarket trading. Arena's stock during 2021 had reversed into negative territory, sliding by 35% through Friday's session. Pfizer shares were up 1% before the opening bell on Monday. Pfizer <a href="https://investors.pfizer.com/investor-news/press-release-details/2021/Pfizer-to-Acquire-Arena-Pharmaceuticals/default.aspx">said in a statement</a> it will pay $100 a share in cash to acquire all of Arena's outstanding shares, an agreement approved unanimously by the boards of both companies. The deal will be carried out with cash on hand at the coronavirus vaccine maker. "Utilizing Pfizer's leading research and global development capabilities, we plan to accelerate the clinical development of etrasimod for patients with immuno-inflammatory diseases," said Mike Gladstone, president of Pfizer's inflammation and immunology area. Etrasimod is an investigational, oral treatment of ulcerative colitis, a chronic disease where the innermost lining of the large intestine becomes inflamed and develops open sores, or ulcers. Arena was running a worldwide, Phase 3, or late-stage study, <a href="https://www.arenapharm.com/pipeline/etrasimod/">called Elevate to evaluate etrasimod</a> in addressing moderately to severely active ulcerative colitis. Pfizer said Arena has also built a "robust' development program for etrasimod to address a range of other immuno-inflammatory diseases including Crohn's Disease and atopic dermatitis. Arena's pipeline also includes two development-stage cardiovascular assets, temanogrel and APD418.Pfizer shares this year through Friday had gained 43%.

Arena Pharmaceuticals soars 97% as Pfizer to spend $6.7 billion to buy ulcerative colitis drug developer

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Arena Pharmaceuticals soars 97% as Pfizer to spend $6.7 billion to buy ulcerative colitis drug developer

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