Shares for San Diego’s Arena Pharmaceuticals Inc. continue to rise following its Nov. 7 announcement that it will expand its partnership with Japanese drugmaker Eisai Co. to market the anti-obesity medication Belviq.
Shares closed at $5.30 on Nov. 11 — up 11 percent — and continued to rise in after-hours trading. The company has a market capitalization of about $1.2 billion.
Arena (Nasdaq: ARNA) will receive a $60 million upfront payment and could receive an additional $176.5 million from Eisai if it meets certain regulatory and development milestones, it said in a filing to the U.S. Securities and Exchange Commission. Arena will receive up to about 36 percent of Eisai’s net sales of the drug.
— SDBJ Staff Report