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News Breaks
January 22, 2013
10:38 EDTARNAArena sinks after E.U. raises objections to weight loss drug
Arena Pharmaceuticals (ARNA) is sinking after the company reported earlier this morning in a regulatory filing that the European Medicines Agency had asked it to address issues with its anti-obesity drug, lorcaserin. The E.U. regulator raised objections to lorcaserin based on previously identified risk factors for patients taking the drug, including hypertension, cardiovascular disease, type 2 diabetes, and sleep apnea, Arena reported. The company will have to address the issues before the drug can be approved by the E.U., Arena stated, adding that the regulator is still expected to make a decision on the drug in the first half of 2013. In a note to investors earlier today, Piper Jaffray analyst Edward Tenthoff wrote that the E.U. regulator wants Arena to justify the drug's overall risk/reward benefit. Arena doesn't have a partner for the drug in Europe yet, and will probably not be able to obtain one until it clears up the issues raised by the regulator, the analyst added. Tenthoff reiterated an $11 price target and Overweight rating on the shares, which dropped 64c, or 6.55%, to $9.12 in mid-morning trading.
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May 11, 2015
19:15 EDTARNAOn The Fly: After Hours Movers
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16:41 EDTARNAArena Pharmaceuticals reports Q1 EPS (10c), consensus (14c)
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16:22 EDTARNAArena Pharmaceuticals enters collaboration with Roivant Sciences
Arena Pharmaceuticals announced that its subsidiary, Arena Pharmaceuticals GmbH, and Roivant Sciences Ltd., have entered into a Development, Marketing and Supply Agreement for nelotanserin, Arena's internally discovered inverse agonist of the 5-HT2A receptor. The agreement grants Roivant exclusive worldwide rights to develop and commercialize nelotanserin. Nelotanserin has been studied to date in multiple clinical trials involving over 900 subjects. Roivant intends to initiate additional Phase 2 clinical trials for the treatment of behavioral and neuropsychiatric disturbances, including psychoses, in patients with dementia and other neurological diseases. In addition, Roivant may pursue the development of nelotanserin for other neuropsychiatric disorders. Roivant will be responsible for funding the development and commercialization of nelotanserin. Under the agreement, Arena will manufacture clinical supply and commercial product to sell to Roivant. Arena will receive a $4.0M upfront payment and is eligible to receive $41.5M in regulatory and development milestone payments. Arena is also eligible to receive 15% of net sales of nelotanserin in exchange for the manufacture and supply of finished commercial drug product, and up to a total of $60.0M in one-time purchase price adjustment payments tied to certain commercial sales milestones.

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