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Pfizer is to enter the medical cannabis industry betting on a promising cannabinoid-based bowel disease treatment.

 

Last week, American multinational pharmaceutical and biotechnology corporation Pfizer signed an agreement with the clinical-stage company Arena Pharmaceuticals for a total equity value of around $6.7 billion.

 

Under the agreement terms, Pfizer acquires all shares for $100 per share in an all-cash transaction. Moreover, the press release reads that the proposed transaction will be subject to customary closing conditions, including receipt of regulatory approvals and approval by Arena's stockholders.