The pharmaceutical giant said Monday it will pay $100 in cash for each share of Arena Pharmaceuticals in a deal already approved by the boards of both companies. Shares of Arena nearly doubled after the deal was announced Monday. Arena has a potential treatment for ulcerative colitis in late-stage clinical testing that it also is testing to treat Chrohn’s disease. Divan likes Pfizer’s aggressive use of cash that the company has or will receive from its COVID-19 vaccine and potential treatment. Arena Pharmaceuticals Inc., based in Park City, Utah, has lost nearly $461,000 through the first nine months of this year.

Source: CBC News December 13, 2021 20:26 UTC