Drug maker Arena Pharmaceuticals Inc. said Thursday it will eliminate about a quarter of its U.S. jobs as it tries to win approval for its obesity drug candidate lorcaserin.
Arena said it plans to cut 66 jobs by March 28. It expects $3.8 million in one-time costs from the move, with most of the expenses coming in the first quarter of 2011. The company said it will save $13.5 million a year by eliminating the jobs.
The Food and Drug Administration refused to approve lorcaserin in October, citing its limited effectiveness and concerns about tumors when the drug was studied on rats.
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