Press Release
Arena prices 6 mln IPO at $18/shr, above range
Arena prices 6 mln IPO at $18/shr, above range
Arena prices 6 mln IPO at $18/shr, above rangeNEW
YORK,
July
27
(Reuters)
-
Arena
Pharmaceuticals
Inc.
(Nasdaq:ARNA
-
news)
sold
6
million
shares
at
$18
per
share,
above
the
estimated
price
range,
in
its
initial
public
offering
on
Thursday,
according
to
the
lead
underwriters.
San Diego-based Arena raised $108 million in the pricing, which it will use for general corporate purposes, including working capital, research and development and clinical testing. The company had estimated that its shares would price at $15-$17 per share.
The company attempts to develop technology that identifies drug candidates more effectively than traditional techniques.
Arena, which used ING Barings as lead underwriters on the IPO, will trade under the symbol "ARNA" on the Nasdaq stock exchange.