Pfizer to purchase Area Prescribed drugs for $6.7 billion By Reuters

© Reuters. FILE PHOTO: Pfizer brand seen exterior their constructing in Manhattan, New York Metropolis, New York, U.S., March 2, 2021. REUTERS/Carlo Allegri

(Reuters) – Pfizer Inc (NYSE:) has agreed to accumulate Area Prescribed drugs in a $6.7 billion all-cash deal to increase its most cancers and inflammatory illness therapy pipeline, the businesses stated on Monday.

Pfizer will take over all excellent shares of Area for $100 per share, representing a 100.2% premium to Area’s final closing value.

Area is creating a number of remedies for gastroenterology, dermatology, and cardiology. The drug developer’s ulcerative colitis therapy candidate, etrasimod, is in a late-stage research.

Pfizer stated it expects to finance the transaction with money available.

Pfizer’s monetary advisers for the transaction are BofA Securities and Centerview Companions LLC, whereas Guggenheim Securities LLC and Evercore Group LLC suggested Area.

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