Arena to raise $60 million

Arena Pharmaceuticals Inc. (NASDAQ:ARNA) plans to raise $60 million through the sale of 9 million shares at $6.70 in a registered direct offering to Deerfield Management. The price is a 5% discount to Arena's close of $7.05 on Thursday, before the deal was announced. Arena said it will use $30 million of the proceeds to repay a portion of a $100 million loan from Deerfield last year. On Friday, Arena was up $0.11 to $7.16. ...