Arena Pharmaceuticals (ARNA) Prices 11M Offering at $5.50/Share
Tweet Send to a Friend
Up)
Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) has priced an underwritten public offering of 11,000,000 shares of its common stock, offered at a price to the public of $5.50 per share.
The gross proceeds to Arena from this offering are expected to be $60.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Arena. Arena has granted the underwriters a 30-day option to purchase up to an aggregate of 1,650,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about May 21, 2012, subject to customary closing conditions. Arena anticipates using the net proceeds from the offering for general corporate purposes, which may include expenses related to the commercialization of lorcaserin, if approved, as well as for research and development expenses, capital expenditures, working capital, and general and administrative expenses.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The gross proceeds to Arena from this offering are expected to be $60.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Arena. Arena has granted the underwriters a 30-day option to purchase up to an aggregate of 1,650,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about May 21, 2012, subject to customary closing conditions. Arena anticipates using the net proceeds from the offering for general corporate purposes, which may include expenses related to the commercialization of lorcaserin, if approved, as well as for research and development expenses, capital expenditures, working capital, and general and administrative expenses.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Kodak (EKDKQ) Asks Court to Approve $406M Rights Offering on Bankruptcy Emergence
- Actavis (ACT), Kissei Pharma Sue Sandoz, Hetero Over Rapaflo Patent
- Men's Wearhouse (MW) Terminates George Zimmer; Postpones Annual Meeting
Create E-mail Alert Related Categories
Corporate News, Equity Offerings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
