Arena Selling Shares

The San Diego drug company plans to sell 8.5 million shares.
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Arena Pharmaceuticals (ARNA) - Get Report set plans to sell 8.5 million shares under an effective registration statement previously filed with the Securities and Exchange Commission.

The San Diego-based drug company plans to grant to the underwriters a 30-day option to buy an added 1.3 million shares to cover over-allotments. CIBC World Markets and UBS Investment Bank are acting as joint book-running managers, while Needham, Piper Jaffray, SG Cowen, Morgan Joseph and Montgomery & Co. are acting as co-managers.