Arena Pharmaceuticals' Stock Sale Opposed

A move by Arena Pharmaceuticals to issue up to 6.9 million shares of company stock to the public has met stiff opposition from a key shareholder worried that the sale will dilute the value of the stock. Arena recently announced it was offering the additional shares on the heels of a lucrative licensing deal with a Johnson & Johnson subsidiary that could net $295 million in milestone payments and royalties for Arena.
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