Arena Pharmaceuticals, Inc. (ARNA)

[linhdtu]

In my experience, the offering price of a secondary is usually and almost always set at a discount to the current mkt price. The degree of discount is set (or advised to the company) by the leading investment banker(s) hired for the job. It is the job of the IBs to figure out how much they can sell for, meaning what kind of a price the mkt can/will support and that also depends on how many shares the company wish to sell.