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Arena plans follow-on of 8.5 million shares via CIBC, UBS
By Ronda Fears
Nashville, Jan. 17 - Arena Pharmaceuticals, Inc. on Tuesday announced plans for a follow-on offering of 8.5 million shares of common stock via joint bookrunners CIBC World Markets Corp. and UBS Investment Bank.
There is a greenshoe of 1.275 million shares available.
Co-managers of the deal are Needham & Co., LLC, Piper Jaffray & Co., SG Cowen & Co., LLC, Morgan Joseph & Co. Inc. and Montgomery & Co., LLC.
San Diego-based Arena focuses on the discovery, development and commercialization of drugs in the therapeutic areas of metabolic, cardiovascular, inflammatory and central nervous system diseases. It has APD356 in clinical trials for obesity and APD125 in clinical trials for insomnia.
The company has research collaborations with Ortho-McNeil Pharmaceutical, Inc. and Merck & Co., Inc. for products in various indications.
Arena shares (Nasdaq: ARNA) were off 2.5% to $15.34 in pre-market activity on Tuesday but opened up from there at $15.49 versus Friday's close of $15.74.
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