SAN DIEGO, May 20, 2020 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that on
May 15, 2020, the Compensation
Committee of its Board of Directors granted inducement stock
options to purchase an aggregate of 113,175 shares of its common
stock to 13 new employees and 16,510 inducement restricted stock
units ("RSUs") to ten new employees. The inducement stock options
and RSUs have a grant date and vesting commencement date of
May 15, 2020, and were granted as
inducements material to the new employees entering into employment
with Arena in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement stock options are non-qualified stock options,
have a seven-year term, have an exercise price of $47.26 per share, the closing price of Arena's
common stock on the grant date, and vest over four years, with 25%
of the shares vesting on the one-year anniversary of the vesting
commencement date and the remaining 75% of the shares vesting in
equal monthly installments over the following 36 months, subject to
the new employee's continued service with Arena through the
applicable vesting dates. The inducement RSUs vest over four years,
with 25% of the shares vesting on the first quarterly vesting date
following the one-year anniversary of the vesting commencement date
and the remaining 75% of the shares vesting in equal quarterly
installments over the following 12 quarters, subject to the new
employee's continued service with Arena through the applicable
vesting dates. The inducement stock options and inducement RSUs are
subject to the terms and conditions of Arena's Amended and Restated
2017 Long-Term Incentive Plan.
About Arena Pharmaceuticals
Arena Pharmaceuticals is uniquely positioned to develop
best-in-disease medicines with optimized efficacy and safety for
patients globally. Our drive to deliver a robust pipeline of novel,
transformational medicines is grounded in two decades of
world-class G protein-coupled receptor (GPCR) discovery
research.
It is the breadth and depth of our portfolio, prioritization of
drug development to meet unmet patient needs, strong financial
health and growing, bold-thinking world-class team that gives Arena
the ingredients and passion to build a sustainable, vibrant
next-generation pharmaceutical company.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. Such
forward-looking statements include statements about Arena's
position, drive, portfolio, prioritization, financial position,
team, and building of the company. 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 those
disclosed in Arena's filings with the Securities and Exchange
Commission. 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:
Megan E.
Knight
Arena Pharmaceuticals, Inc.
Director, Investor Relations
mknight@arenapharm.com
858.210.3635
Arena Media Contact:
IR@arenapharm.com
858.453.7200
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SOURCE Arena Pharmaceuticals, Inc.