Pfizer stock closes at record after $6.7 billion takeover of Arena; deal ‘makes strategic sense to us,’ analyst says

Pfizer stock closes at record after .7 billion takeover of Arena; deal 'makes strategic sense to us,' analyst says

Pfizer Inc. said Monday it has agreed to acquire Arena Pharmaceuticals Inc. in a deal with a value of about $6.7 billion, sending Pfizer shares to their highest close ever, and Arena shares to their largest one-day gain.

Arena shares ARNA, +80.38% finished up 80.3% at $90.08 for their largest one-day percentage gain, according to FactSet data, while Pfizer PFE, +4.59% closed up 4.6% for a record price of $55.20.

Pfizer was also enjoying an upgrade from UBS analysts who are expecting the drug giant to garner sales of $50 billion in 2022 from its COVID-19 vaccine, which was developed with German partner BioNTech SE BNTX, +7.97%.

Read now: ‘The days you were considered fully vaccinated with two shots are going to be a thing of the past’

 Today’s deal “makes strategic sense to us as a way to boost Pfizer’s inflammation…

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