Arena Pharma Stock Rises 8.8% After Weight-loss Drug Is Approved

Arena Pharmaceuticals Inc. shares rose 8.8% in pre-market trade Tuesday after the company said its weight-loss drug with Eisai Inc. received Food and Drug Administration approval. Eisai shares were up 4.0% in pre-market trade after the news. The drug, BELVIQ XR(R), has a once-daily dosing option that "may help them achieve and maintain weight loss," in contrast with an already available twice-daily formulation, the company said. Both weight management drugs must be used in conjunction with a reduced-calorie diet and increased exercise in obese or overweight adults with a weight-related medical condition. Arena Pharma shares dropped 6.6% over the last three months, compared with a 3.2% rise in the S&P 500 .