Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) today announced the pricing of an underwritten public offering of 5,500,000 shares of its common stock at a price to the public of $50.00 per share. All of the shares are being sold by Arena. The gross proceeds from the offering are expected to be $275.0 million, before deducting the underwriting discounts and commissions and offering expenses. The offering is expected to close on June 1, 2020, subject to customary closing conditions. In addition, Arena has granted the underwriters of the offering a 30-day option to purchase up to an additional 825,000 shares of its common stock at the public offering price, less the underwriting discounts and commissions.

BofA Securities, Citigroup and SVB Leerink are acting as the joint book-running managers for the offering. Credit Suisse and Cantor are also acting as book-running managers for the offering. JMP Securities and Needham & Company are acting as co-managers for the offering.