Pfizer's $6.7 Billion Bet Could Be About to Pay Off Big Time

What do you do when you have billions of dollars burning a hole in your pocket? You spend some money.

That's exactly what Pfizer (NYSE: PFE) has done in recent months as its coffers have filled with COVID-19 vaccine cash. The big drugmaker closed on its $2.22 billion acquisition of Trillium Therapeutics in November 2021. But an even bigger deal was right around the corner.

Less than a month after finalizing the purchase of Trillium, Pfizer announced plans to buy Arena Pharmaceuticals for $6.7 billion. This transaction closed on March 11, 2022. And now Pfizer's $6.7 billion bet could already be about to pay off big-time.

Source Fool.com