Arena's Obesity Drug Wins Approval; Shares Surge |
CNBC.com - Jun 27, 2012 |
Arena Pharmaceuticals' pill to treat obesity was approved by U.S. health regulators on Wednesday, making it the first weight-loss drug to win clearance in 13 years and causing its shares to jump.
Arena's [ARNA 10.97 2.12 (+23.95%) ] drug lorcaserin, which will be sold under the brand name Belviq, was one of three experimental new weight-loss drugs seeking Food and Drug Administration approval after initial rejections by the agency.
The company's shares surged more than 40 percent in trading on Wednesday. Earlier, they had been halted ahead of the announcement.
Vivus and Orexigen Therapeutics are also hoping to bring their medicines to market.
Read Full Article from CNBC.com
- Posted: 2012-06-27 14:33:56
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