NEW YORK, July 16, 2015 /PRNewswire/ -- Arena Pharmaceuticals Incorporation (NASDAQ: ARNA) is a biopharmaceutical company focused on discovering, developing, and commercializing novel drugs that target G protein-coupled receptors, or GPCRs, to address unmet medical needs. The company's internally discovered drug, lorcaserin, is approved by the US Food and Drug Administration (FDA) for chronic weight management in adults. Lorcaserin was available by prescription in June 2013 to adults who are overweight with comorbidity or obese, under the brand name BELVIQ.
Recently, when Celgene made an offer to buyout Receptos for $6.7 billion in cash, Arena Pharmaceuticals got a 7% shot in the arm due to the fact that Receptos and Arena are exploring drug candidates in the same realm. In case, Arena, valued at about $1 billion, could see substantial upside if its own drug candidates advance.
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