Arena Pharma to lay off 73% of workforce; shares halted
Shares of Arena Pharmaceuticals Inc. were halted in the extended session Thursday after the biotech said it was reducing its workforce by 73% to focus on drugs in development. Arena shares were halted at $1.83 after hours. The company said it was laying off 100 U.S. employees in research, manufacturing, and general and administrative staff. The move comes nearly three months after the company named Amit Munshi as chief executive.
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