Pfizer to acquire Arena Pharmaceuticals at 100% premium in $6.7-billion deal

• Pfizer will buy Arena in an all-cash deal for a premium of about 100%

• Arena is developing several treatments for gastroenterology, dermatology, and cardiology

Pfizer Inc on Monday said it signed an agreement to buy drug developer Arena Pharmaceuticals Inc for $6.7 billion in cash, which will add a promising treatment candidate for immuno-inflammatory diseases to its portfolio.

The U.S. drugmaker said it would pay $100 a share for acquiring San Diego-based Arena, giving Pfizer access to the diverse assets in gastroenterology, dermatology, and cardiology, according to a statement.