SAN DIEGO, March 21, 2018 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced the
pricing of an underwritten public offering of 8,500,000 shares
of its common stock at a price to the public of $41.50 per share. All of the shares are being
sold by Arena. The gross proceeds from the offering are expected to
be approximately $352.8 million,
before deducting the underwriting discounts and commissions and
offering expenses. The offering is expected to close on
March 26, 2018, subject to customary closing conditions. In
addition, Arena has granted the underwriters a 30-day option to
purchase up to 1,275,000 additional shares of its common stock at
the public offering price, less the underwriting discounts and
commissions.
Arena anticipates using the net proceeds from the offering for
the clinical and preclinical development of drug candidates,
including its planned Phase 3 programs for etrasimod for the
treatment of ulcerative colitis and ralinepag for the treatment of
pulmonary arterial hypertension, for general corporate purposes,
including working capital and costs associated with manufacturing
services, and for capital expenditures.
Citigroup, Leerink Partners, Cantor Fitzgerald, Credit Suisse
and RBC Capital Markets are acting as joint book-running managers
for the offering. Guggenheim Securities and JMP Securities are
acting as co-managers for the offering.
The shares of common stock described above are being offered by
Arena pursuant to a shelf registration statement filed by Arena
with the Securities and Exchange Commission (SEC) that became
automatically effective on July 11,
2017. A final prospectus supplement and accompanying
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC's website located at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus relating to the offering, when
available, may be obtained from: Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800)
831-9146; or from Leerink Partners LLC, Attention: Syndicate
Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800)
808-7525 ext. 6132, or by email at syndicate@leerink.com; or from
Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park
Avenue, 6th Floor, New York, NY
10022, or by email at prospectus@cantor.com; or from Credit Suisse
Securities (USA) LLC, Attention:
Prospectus Department, One Madison Avenue, New York, NY 10010, or by telephone at (800)
221-1037, or by email at newyork.prospectus@credit-suisse.com; or
from RBC Capital Markets LLC, Attention: Equity Syndicate, 200
Vesey Street, 8th Floor, New York,
NY 10281-8098, or by telephone at (877) 822-4089, or by
email at equityprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Arena Pharmaceuticals
We are a biopharmaceutical company focused on developing novel,
small molecule drugs with optimized receptor pharmacology designed
to deliver clinical utility across multiple therapeutic areas. Our
proprietary, internally-developed pipeline includes multiple
potentially first- or best-in-class programs. Our three most
advanced clinical programs are: ralinepag (APD811), which we are
currently preparing for a Phase 3 program for pulmonary arterial
hypertension; etrasimod (APD334), for which we are planning a Phase
3 program for ulcerative colitis and are continuing to study for
other immune and inflammatory conditions; and APD371 for visceral
pain conditions and which is being studied in a Phase 2 trial for
treatment of pain associated with Crohn's disease. In addition, we
have collaborations with the following pharmaceutical companies:
Everest Medicines Limited (ralinepag and etrasimod in Greater China and select countries in
Asia), Axovant Sciences GmbH
(nelotanserin - Phase 2), Boehringer Ingelheim International GmbH
(undisclosed target - preclinical), and Eisai Co., Ltd. and Eisai
Inc. (BELVIQ®/BELVIQ XR® - marketed products).
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. These
statements may be identified by introductory words such as "may,"
"expects," "plan," "believe," "will," "achieve," "anticipate,"
"would," "should," "subject to" or words of similar meaning, or by
the fact that they do not relate strictly to historical or current
facts. Such forward-looking statements include statements regarding
Arena's expectations with respect to the completion, timing and
size of the public offering, and Arena's anticipated use of the net
proceeds from the offering. For such statements, Arena claims the
protection of the Private Securities Litigation Reform Act of 1995.
Actual events or results may differ materially from Arena's
expectations. Factors that could cause actual results to differ
materially from the forward-looking statements include, but are not
limited to, risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the public offering; and those factors disclosed in
Arena's filings with the SEC, including our Form 10-K for the year
ended December 31, 2017. These
forward-looking statements represent Arena's judgment as of the
time of this release. Arena disclaims any intent or obligation to
update these forward-looking statements, other than as may be
required under applicable law.
Corporate Contact:
Kevin R. Lind
Arena Pharmaceuticals, Inc.
Executive Vice President and
Chief Financial Officer
klind@arenapharm.com
858.210.3636
Media Contact:
Matt Middleman, M.D.
LifeSci Public Relations
matt.middleman@lifescipublicrelations.com
646.627.8384
View original content with
multimedia:http://www.prnewswire.com/news-releases/arena-pharmaceuticals-announces-pricing-of-public-offering-of-common-stock-300617897.html
SOURCE Arena Pharmaceuticals, Inc.