Arena raises $60.5M in follow-on

Arena Pharmaceuticals Inc. (NASDAQ:ARNA) raised $60.5 million through the sale of 11 million shares at $5.50 in a follow-on underwritten by Jefferies; Piper Jaffray; and BMO Capital Markets. The company proposed the offering late Tuesday, when its share price was $6.06. Arena was off $0.39 to $5.67 on Wednesday. ...