Arena withdraws diet drug application in Europe; shares fall

By Adithya Venkatesan (Reuters) – Arena Pharmaceuticals Inc withdrew an application to market its anti-obesity drug in the European Union, sending its shares down 15 percent in after-hours trading. The European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) said certain “major objections” remain outstanding that preclude the recommendation of approval of the drug, according to the company. European health regulators raised objections on the marketing of the drug, Belviq, in late-January, following tumors in rats, heart valve disorders and psychiatric events. …