Pfizer announced on Monday that it plans to acquire Utah-based Arena Pharmaceuticals for $6.7 billion.

Arena, based in Park City, is a clinical stage company that develops immunotherapies to treat inflammatory diseases.

Mike Gladstone, global president and general manager of Pfizer Inflammation and Immunology, said that the acquisition will complement the capabilities and expertise of both companies.

"Utilizing Pfizer's leading research and global development capabilities, we plan to accelerate the clinical development of etrasimod for patients with immuno-inflammatory diseases," he said.