SAN DIEGO, May 27, 2020 /PRNewswire/ -- Arena
Pharmaceuticals, Inc. (Nasdaq: ARNA) today announced that it
intends to offer and sell, in an underwritten public offering and
subject to market and other conditions, $250,000,000 of its common stock. All of the
shares are being offered by Arena. In addition, Arena intends to
grant the underwriters of the offering a 30-day option to purchase
up to an additional 15% of the shares of its common stock offered
in the public offering. There can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
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.
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 February 27,
2020. A preliminary prospectus supplement related 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
preliminary prospectus supplement and the accompanying prospectus
related to this offering, when available, may be obtained from BofA
Securities, NC1-004-03-43, 200 North College Street, 3rd Floor,
Charlotte, NC 28255-0001,
Attention: Prospectus Department, or by email at
dg.prospectus_requests@bofa.com; or from Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800)
831-9146; or from SVB Leerink, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston,
MA 02110, by telephone at (800) 808-7525, ext. 6218, or by
email at syndicate@svbleerink.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
ARENA Pharmaceuticals is a team with a singular focus –
deliver our important medicines to patients.
In a rapidly changing global market, we work with a sense of
urgency every day to understand the needs of all our stakeholders,
identify bold, sometimes disruptive, ideas to get our medicines to
patients, and relentlessly execute until it's done.
ARENA - Care more. Act differently.
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 proposed public offering and granting the underwriters
a 30-day option to purchase additional shares. 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 proposed offering, and those factors
disclosed in Arena's filings with the SEC, including its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020.
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
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SOURCE Arena Pharmaceuticals, Inc.