Analysts: Pfizer to 'capitalize' on experimental colitis treatment in Arena deal

5 months ago 70
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Analysts are connected committee with Pfizer Inc.'s PFE, +3.52% plans to get Arena Pharmaceuticals Inc. ARNA, +83.89% successful a woody worthy $6.7 cardinal and announced Monday morning. Pfizer's banal was up 1.2% successful premarket trading connected Monday, portion shares of Arena soared 88.3%. "We presumption PFE arsenic a logical spouse for ARNA arsenic the second continues to advancement its gastroenterology, dermatology, and cardiology focused platform, which should payment from the executional expertise of a ample pharmaceutical company," SVB Leerink expert Joseph Schwartz told analysts successful a probe note. "PFE's commercialized model tin capitalize connected etrasimod's best-in-class potential," wrote RBC Capital Markets' Kennen MacKay. The 1 happening that amazed Wall Street was Pfizer's determination to execute a woody earlier the upcoming readout of Phase 3 objective proceedings information for Arena's etrasimod, an experimental ulcerative colitis treatment. That information is expected aboriginal adjacent year. Pfizer's banal has gained 43.4% truthful acold this year, portion Arena's shares are down 35.0%. The S&P 500 SPX, -0.46% is up 25.4% year-to-date.

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