Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2009

Arena Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   000-31161   23-2908305

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

6166 Nancy Ridge Drive, San Diego, California 92121

(Address of principal executive offices) (Zip Code)

858.453.7200

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

In this report, “Arena Pharmaceuticals,” “Arena,” “we,” “us” and “our” refer to Arena Pharmaceuticals, Inc., and its wholly owned subsidiaries, unless the context otherwise provides.

 

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

On May 2, 2007, we sold under an Agreement of Purchase and Sale, dated March 21, 2007, certain of our real property, including the real property commonly known as 6154 Nancy Ridge Drive in San Diego, California, to BMR-6114-6154 Nancy Ridge Drive LLC, or BMR, an affiliate of BioMed Realty, L.P. On the same date, we leased back from BMR all of the transferred property under 20-year leases.

On February 24, 2009, under the terms of our purchase and sale and lease agreements with BMR, BMR paid us $15 million for improvements we made to 6154 Nancy Ridge Drive, and our monthly base rent for 6154 Nancy Ridge Drive was increased from approximately $136,000 to approximately $255,000.

For additional information, see the Form 8-Ks we filed with the Securities and Exchange Commission on March 27, 2007, and May 8, 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: February 26, 2009     Arena Pharmaceuticals, Inc.
    By:   /s/ Jack Lief
        Jack Lief
        President and Chief Executive Officer