SAN DIEGO, May 28, 2020 /PRNewswire/ -- 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.
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 and accompanying
prospectus related to the offering were filed with the SEC and are
available on the SEC's website located at http://www.sec.gov. A
final prospectus supplement and accompanying prospectus 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
final prospectus supplement and the accompanying prospectus related
to the 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, or 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. 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.