Pfizer/ArenaPfizer (NYSE:PFE) has completed its $6.7 billion acquisition of Arena Pharmaceuticals, a developer of immuno-inflammatory drugs.

The acquisition of San Diego-based Arena will bolster Pfizer’s pipeline of therapeutic candidates in gastroenterology, dermatology and cardiology.

Among Arena Pharmaceuticals’ assets is etrasimod, an oral, selective sphingosine 1-phosphate (S1P) receptor modulator with the potential to treat ulcerative colitis and a range of other conditions.

Etrasimod has been the focus of 27 clinical studies to date. 

Arena is also developing temanogrel, a potential for microvascular obstruction and Raynaud’s phenomenon secondary to systemic sclerosis. 

“We are excited to add the impressive experience and pipeline of Arena Pharmaceuticals to Pfizer’s Inflammation and Immunology therapeutic area, helping us further our purpose of developing breakthroughs to change the lives of those with immuno-inflammatory diseases,” said Mike Gladstone, global president and general manager, Pfizer Inflammation and Immunology, in a news release. “In particular, we’re hopeful that we can accelerate clinical development of etrasimod successfully to have a positive impact on those living with these debilitating diseases.”

PFE shares increased 2.83% to $50.59.

Pfizer had initially announced its plan to acquire Arena in late 2021.