Arena raises $352.8M after Phase II readout

Arena Pharmaceuticals Inc. (NASDAQ:ARNA) raised $352.8 million through the sale of 8.5 million shares at $41.50 in an upsized follow-on underwritten by Citigroup, Leerink Partners, Cantor Fitzgerald, Credit Suisse, RBC Capital Markets, Guggenheim Securities and JMP Securities.

Arena's shares rose 29% on Tuesday after the company said high-dose etrasimod (APD334) met the primary and secondary endpoints in the Phase II OASIS trial to treat ulcerative colitis. The company said it was too early to comment on a timeline for Phase III testing of etrasimod in UC (see BioCentury Extra, March 19)...