Pfizer Inc. (NYSE: PFE) is taking a stand against Russia like other pharmaceutical companies. The company announced that it would stop new clinical studies in the country. Moreover, it will send Ukraine profits from its Russian operations to support the country. However, Albert Bourla, the CEO of Pfizer, has emphasized that the sanctions will not include medicines it sends to the country as that would negatively impact the sick.
While Pfizer won’t begin a new trial in Russia, it will stick to the ongoing ones as it has already enrolled patients. The company will keep providing medicine to these patients as it works with the Food and Drug Administration to transition the trial to other locations.
Pfizer has pointed out that it doesn’t own any manufacturing facilities in Russia. The company has said it plans to halt investments in local suppliers with plans to grow its Russian operations to a manufacturing capacity.
Other companies cutting Russia off
Pfizer is just one of the significant companies cutting ties with Russia over its invasion of Ukraine. Another one is Verizon Communications Inc. (NYSE: VZ) which is furthering its support for Ukraine. The company has extended its fee waiver on roaming, texting, and international calls to Ukraine.
Walt Disney Co (NYSE: DIS) is also cutting ties with Russia. The company halted all theatrical releases in the country. It is now suspending its production, licensing, and cruising businesses in the country. Another media company cutting out Russia is Sony Pictures. The company stopped a film release in the country and will now be stopping its operations in the country.
Pfizer acquires Arena Pharmaceuticals
Meanwhile, Pfizer has announced its acquisition of Arena Pharmaceuticals. Through the transaction, the company can add development-stage therapies in cardiology, dermatology, and gastroenterology to its portfolio. One such therapy is an oral drug developed by Arena Pharmaceutical to treat alopecia areata, eosinophilic esophagitis, atopic dermatitis, Crohn’s disease, ulcerative colitis, and other immune-inflammatory diseases.
Pfizer had bought all restricted stock units, options, and outstanding shares from Arena Pharmaceuticals for $100 per share. This amounted to $6.7 billion. In addition, the company acquired Arena Pharmaceuticals according to Delaware law as a merger. As a result, Pfizer now owns all shares of the company. Arena’s common shares are also delisted from the Nasdaq index.