Arena Pharmaceuticals’ weight-loss drug, Belviq, has been approved for commercialization in Mexico, gaining Arena a milestone payment of $1 million.
The news comes from Arena’s partner, Eisai Inc., who will commercialize the product in Mexico under the product name Venespri.
"Currently, more than 70 percent of the Mexican population is either overweight or obese," said Shaji Procida, president and chief operating officer of Eisai Inc., in a statement. "Without intervention, these numbers are projected to increase."
Venespri is now approved by Mexican regulatory authorities as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in obese or overweight adults. The product is expected to become available later this year.
This is a small piece of good news for the San Diego drugmaker, which recently laid off 73 percent of its workforce as part of a strategic restructuring.
The company’s stock is up about 3.75 percent since the news was announced. It’s currently trading at $1.65 per share on the Nasdaq under ticker symbol ARNA.