I’ve just received word from two sources that San Diego-based Arena Pharmaceuticals laid off 130 employees today. I contacted a company spokeswoman, who would not confirm or deny the layoffs but said she would get back to me later in the day.
Arena’s stock, a Wall Street darling just a couple years ago, has fallen hard in recent weeks following worse-than-expected Phase 3 trial results of its obesity drug, lorcaserin. My story today details some of the fallout stemming from the trial results, and in February I wrote about 2009 being a make-it-or-break-it year for Arena.
Check back in a couple hours for more details on the layoffs.