Shares of Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) ended Thursday session in green amid volatile trading. The shares closed up +0.20 points or 12.99% at $1.74 with 7.68 million shares getting traded. Post opening the session at $1.59, the shares hit an intraday low of $1.55 and an intraday high of $1.74 and the price vacillated in this range throughout the day. The company has a market cap of $406.99 million and the numbers of outstanding shares have been calculated to be 243.26 million shares.
Arena Pharmaceuticals, Inc. (ARNA) on Sept. 1, 2016 announced the formation of Beacon Discovery Inc. (“Beacon”), an independent, privately-held drug discovery incubator.
Beacon will focus on identifying and advancing molecules targeting G-Protein Coupled Receptors (GCPRs) from concept to clinic leveraging the strengths and capabilities developed over close to two decades at Arena. Beacon plans to engage global pharmaceutical partners to facilitate discovery and early stage development.
Arena will have certain rights to compounds developed by Beacon and will collaborate with Beacon in support of Arena’s proprietary pipeline programs as well as the Boehringer Ingelheim International GmbH collaboration. Additionally, Arena will be entitled to certain rights to potential cash flows generated by Beacon in the future.
“The formation of Beacon underscores both our commitment to transitioning Arena from a historically research-oriented organization to a high-performing clinical development organization and our commitment to maximizing the value of our assets,” said Amit Munshi, CEO of Arena. “We believe that Beacon has the potential to unlock the value of Arena’s historical research platform for the long term benefit of patients and shareholders.”
Dominic P. Behan, Ph.D., D.Sc., Arena’s co-founder, will serve as Beacon’s Chief Executive Officer and transition from being Arena’s Chief Scientific Officer and a member of its Board of Directors to become the Chairman of Arena’s Scientific Advisory Board and a consultant.
“I am grateful for the work that Dominic has delivered in his time at Arena. As one of the co-founders of Arena, Dominic has significantly contributed to Arena’s success and we are pleased that he will continue to participate as Chairman of the Scientific Advisory Board,” said Dr. Tina Nova, Chairman of Arena’s Board of Directors. “Dominic’s knowledge of the clinical programs at Arena will be important as we continue to evolve our business focus.”
Shares of CVS Health Corp (NYSE:CVS) ended Thursday session in green amid volatile trading. The shares closed up +0.71 points or 0.79% at $90.15 with 7.49 million shares getting traded. Post opening the session at $89.14, the shares hit an intraday low of $88.10 and an intraday high of $90.22 and the price vacillated in this range throughout the day. The company has a market cap of $94.96 billion and the numbers of outstanding shares have been calculated to be 1.07 billion shares.
CVS Health Corp (CVS) on Sept. 15, 2016 launched ScriptSync®, a pharmacy service that prepares patients’ eligible prescription medications so they’re ready for pickup on the same day each month, at all of the company’s retail pharmacy locations just over one year ago. In the past year, more than one million patients have been enrolled in ScriptSync at CVS Pharmacy and preliminary results demonstrate that the service, on average, improves medication adherence by between five to 10 percent. In addition, ScriptSync is now available at CVS Caremark Mail Service Pharmacy, making CVS Health the first national pharmacy provider to offer this type of service in retail and mail pharmacy channels.
“We are focused on helping patients save time while making it easier for them to take all of their medications as prescribed,” said Troyen A. Brennan, M.D., executive vice president and Chief Medical Officer of CVS Health. “With ScriptSync we can remove some of the biggest barriers to medication adherence, such as remembering to refill prescriptions and making multiple pharmacy trips each month. By aligning a patient’s prescription pickup schedule, we can improve convenience and drive adherence, and based on the high enrollment in ScriptSync, it is clear that our patients value this service.”