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Arena Pharmaceuticals prices equity offering; shares slip 19% premarket

  • Arena Pharmaceuticals (ARNA) slumps 19% in response to the pricing of its public offering of 60M shares of common stock at $1.15 per share.
  • Underwriters over-allotment is an additional 9M shares.
  • Gross proceeds are $69M. Net proceeds will be used for clinical and preclinical development of drug candidates, for general corporate purposes, including working capital.
  • Closing date is  April 21.

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