PfizerA definitive agreement has been reached to purchase Arena PharmaceuticalsOn Monday, the regulatory filing indicated that there was a $6.7 Billion deal.

Arena shares will be sold to Pfizer for $100 each. This represents a premium of 100.2% over Arena’s closing price.

Arena has several treatment options for dermatology and gastroenterology. Etrasimod is the late-stage drug development candidate for ulcerative collitis.

Pfizer stated that it plans to fund the transaction using cash in its hands.

Arena was advised by Evercore Group LLC and Guggenheim Securities LLC as financial advisors.

The story is still in development. Keep checking back for more updates.