Arena Pharma

Arena is a commercial stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors. In 2009, the company’s most advanced compound, Belviq®, required capital in excess of $100 million to bring it through a second phase III trial and regulatory review. This was a difficult time in the public capital markets, making a financing of this size extremely challenging. With no marketing partner and an Enterprise Value of just $153 million, Arena needed a creative solution.