Regulatory milestones

Arena Pharmaceuticals Inc. (NASDAQ:ARNA) fell $0.77 to $7.63 on Friday's news it is withdrawing an MAA from EMA for obesity drug Belviq lorcaserin to gain more feedback on the application from CHMP. In March, Arena disclosed that CHMP had requested the company "further justify" the overall benefit-risk balance of Belviq in light of previously identified non-clinical and clinical issues. Arena said it is "evaluating the best approach" for resubmitting the MAA. FDA approved Belviq last year, and the drug is now under review by the U.S. Drug Enforcement Agency for controlled substance scheduling.