Arena Soars After Weight-Loss Pill Recommended for Approval
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Arena Pharmaceuticals Inc. jumped the most ever after the company’s weight-loss pill gained the backing of an advisory panel, putting two obesity drugs in line for U.S. approval almost two years after regulators rejected them as too risky.
Arena rose 74 percent to $6.36 at 4 p.m. New York time, the biggest increase since the company’s shares began trading publicly in July 2000.