Published on 1/27/2006 in the Prospect News Biotech Daily.
New Issue: Arena raises $164.8 million in follow-on of 9.75 million shares at $16.90
By Ronda Fears
Memphis, Jan. 27 - Arena Pharmaceuticals Inc. sold an upsized follow-on offering of 9.75 million shares, boosted from 8.5 million shares, at $16.90 - discounted slightly from Thursday's close of $16.97.
CIBC World Markets Corp. and UBS Investment Bank were joint bookrunners of the deal.
San Diego-based Arena plans to use proceeds for clinical trials for drugs in development and for general corporate purposes. The company expects to announce results from a phase 2 clinical trial of APD125 for insomnia by around the middle of 2006 and commence a phase 3 clinical trial of APD356 for obesity in the second half of 2006.
| Issuer: | Arena Pharmaceuticals Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $164.82 million
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| Net proceeds: | $154.9 million
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| Shares: | 9,752,508 shares, up from 8.5 million
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| Greenshoe: | 1,462,876 shares, up from 1.25 million
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| Price: | $16.90 per share
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| Bookrunners: | CIBC World Markets Corp. and UBS Investment Bank
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| Co-managers: | Needham & Co., LLC, Piper Jaffray & Co., SG Cowen & Co., LLC, Morgan Joseph & Co. Inc. and Montgomery & Co., LLC
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| Pricing date: | Jan. 26
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| Settlement date: | Feb. 1
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| Stock symbol: | Nasdaq: ARNA
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| Stock price: | $16.97 at close Jan. 26
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