Pfizer, one of the big companies behind coronavirus vaccines, will enter another field of study that has to do with cannabis. And for this, they have acquired the company Arena Pharmaceuticals for the sum of $ 6.7 billion.
The purchase agreement indicates that Pfizer will buy all of Arena Pharmaceuticals shares for $ 100 each. Of course, the statement also indicates that the acquisition is subject to review by regulatory bodies in the United States.
Arena Pharmaceuticals is primarily dedicated to developing drugs and treatments for autoimmune inflammatory diseases, including Crohn’s disease and other gastrointestinal, dermatological, or even cardiology-related conditions.
The company that in the future will be part of Pfizer has created various types of drugs, but always based on cannabinoids. One of those drugs is called Olorinab, focused on attacking the pain produced by some stomach diseases and is currently in testing phases, of which no adverse effects have been reported so far. However, Olorinab is not currently approved by official bodies and even less for sale.
Arena Pharmaceuticals is also developing a drug for microvascular obstruction and to treat a side effect of systemic sclerosis, which is also currently in testing.
Under the Pfizer umbrella, Arena Pharm looks forward to continuing to advance the well-being of not only current and future patients, but also the shareholders who will make good money from the acquisition.
In parallel, Pfizer continues to work on treatments against the pandemic and one of its recent projects is the development of an oral pill to treat the coronavirus.