Arena Pharmaceuticals, Inc. (ARNA)

[sts66]

Actually, the full $60M isn't in the bag - from the latest SEC filing:

we will also receive a milestone payment from Eisai of $40.0 million or $60.0 million, depending on the approved drug label.

As far as possible dilution, I'd hate to see it happen, but they may pounce to raise cash for general corporate uses after approval, it's quite common, but should be limited given the much higher pps they will have. And for those who have owned ARNA for at least a month, you should have gotten a proxy vote letter or email for the 2012 Annual Meeting of Shareholders on Friday, June 15, 2012 - below is one of the proposals to increase the number of authorized shares - nobody I know of voted YES, for course! (can't post the link as it's my voting link)

For holders as of: 04/17/2012

5. TO APPROVE AN AMENDMENT TO THE COMPANY'S FIFTH AMENDED AND RESTATED CERTIFICATE OF INCORPORATION, AS AMENDED, TO INCREASE THE TOTAL NUMBER OF AUTHORIZED SHARES FROM 250.0 MILLION TO 375.0 MILLION AND THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK FROM 242.5 MILLION TO 367.5 MILLION.


So they already can dilute from the current 180M shrs to 250M if they want to, nothing we can do about it but hope they don't!