Pfizer closes $6.7 billion acquisition of Arena Pharmaceuticals

Shares of Pfizer Inc. PFE, +2.61% were up 2.0% in trading on Friday after the company said it closed its $6.7 billion acquisition of Arena Pharmaceuticals Inc. Arena is developing treatments for immuno-inflammatory diseases like ulcerative colitis and atopic dermatitis. It has said it expects to share data from a Phase 3 clinical trial testing one of those experimental therapies, etrasimod, in ulcerative colitis patients during the first quarter of his year. Pfizer’s stock has gained 45.0% over the past year, while the broader S&P 500 SPX, -0.34% is up 10.4%.