SAN DIEGO (TheStreet) -- Areniacs rejoice! The DEA has finally published the rule establishing Arena Pharmaceuticals' (ARNA) weight-loss pill Belviq as a Schedule IV drug and allowing the commercial launch to begin in 30 days.
Arena shorts rejoice! You've been waiting more than 10 months for Arena and partner Eisai to finally start posting disappointing sales of Belviq.
Today is a happy day for everyone.
Well, not everyone. Some of the Areniacs are pissed off at DEA for taking so long to decide on Belviq's abuse potential.Too funny. Back to serious matters, while Arena hasn't yet commented publicly on the final DEA schedulings, the company has said previously that Belviq is ready to launch. DEA did not grant Arena's request to waive the mandatory 30-day waiting period, so assume Belviq marketing will begin in early June. Once launched, Belviq will compete against Vivus' (VVUS) weight-loss pill Qsymia, which has posted weak sales to date. DEA's decision to place Belviq in the Schedule IV, or "low potential for abuse" category was expected. Arena shares were up 44 cents, or 6%, to $7.96 in early Tuesday trading.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV