Arena Pharmaceuticals, Inc. (ARNA)

[RiskyBoy1989]

Arena Pharmaceuticals (NASDAQ:ARNA) is 2.2% lower postmarket after pricing its upsized 8.5M-share public offering at $41.50/share.
• Arena's selling all share, and gross proceeds come to $352.8M. Underwriters have a 30-day option to buy up to 1.275M additional shares at the offering price.
• Net proceeds will go to clinical and preclinical development of drug candidates, including planned phase 3 programs for etrasimod (for the treatment of ulcerative colitis) and ralinepag (for the treatment of pulmonary arterial hypertension), as well as general purposes.
• Joint book-runners are Citigroup, Leerink Partners, Cantor Fitzgerald, Credit Suisse and RBC Capital Markets.
• Shares had risen 10.7% during the regular session today to close at $44; they're quoted at $43.05 after hours.