Arena Pharmaceuticals soared nearly 90% in premarket trading as it entered into an Agreement and Plan of Merger with Pfizer

Arena Pharmaceuticals soared nearly 90% in premarket trading as it entered into an Agreement and Plan of Merger with Pfizer.On December 12, 2021, Arena entered into an Agreement and Plan of Merger (the "Merger Agreement") with Pfizer Inc., a Delaware corporation ("Parent"), and Antioch Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub"), providing for, among other things, the merger of Merger Sub with and into Arena (the "Merger"), with Arena surviving the Merger.