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Arena Plunged After Run-up Prior To Diet Drug Ruling

Shares of Arena Pharmaceuticals (ARNA) turned south Friday, plunging 50% in early trading. Investors are awaiting word from regulators, due June 27, on Arena's promising new diet drug, lorcaserin. Arena shares fell 14.9% to 9.94 in afternoon trading. Shares have run up sharply the past few months in anticipation of the Food & Drug Administration ruling on what would be the first major new diet drug in a decade. Lorcaserin is competing against

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