Arena, Galapagos price follow-ons

Autoimmune company Galapagos N.V. (Euronext:GLPG; NASDAQ:GLPG) and obesity and autoimmune company Arena Pharmaceuticals Inc. (NASDAQ:ARNA) raised a total of more than $400 million in follow-on offerings proposed and priced between Monday's market close and Tuesday's open.

Galapagos raised $337.5 million through the sale of 3.8 million ADSs at $90 in a bumped up follow-on underwritten by Morgan Stanley. The price represents a 3% discount to Galapagos’ closing price of $92.40 on Monday, when it proposed to raise $275 million. Galapagos slipped $3.09 to $83.31 on NASDAQ on Tuesday, and shed €1.80 to €83.30 on Euronext...