• Dotdash Meredith for sports, finance, and lifestyle digital content.

• Like the independent digital publishing portfolio of a traditional media giant such as Hearst or Condé Nast.

Arena Pharmaceuticals, which formerly traded under the symbol AREN, was acquired by Pfizer Inc. in March 2022. Its major product in development prior to acquisition was:

• Etrasimod: An oral, selective sphingosine 1-phosphate (S1P) receptor modulator that was in clinical development for the treatment of various immune-mediated inflammatory diseases, such as ulcerative colitis, Crohn's disease, and atopic dermatitis.

Company Status Update: Arena Pharmaceuticals (symbol: AREN) was acquired by Pfizer Inc. (NYSE: PFE) in March 2022. Therefore, Arena Pharmaceuticals no longer operates as an independent public company and does not have major customers under its own symbol or operational structure today. The information below reflects its major customers and partners prior to its acquisition.

Arena Pharmaceuticals primarily sold to other companies through licensing, collaboration, and development agreements for its pharmaceutical compounds and pipeline assets.

Its major customer companies (partners) included:

• Eisai Co., Ltd. (TYO: 4523) - Eisai was a long-standing and significant commercial partner for Arena, particularly regarding the obesity drug BELVIQ (lorcaserin). Eisai was responsible for the marketing and sales of BELVIQ in various territories, generating substantial royalty and milestone revenue for Arena.
• Everest Medicines (HKEX: 1952) - Arena entered into a significant collaboration and license agreement with Everest Medicines for the development and commercialization of etrasimod, an investigational oral S1P modulator, in Greater China (mainland China, Hong Kong, Macau, and Taiwan) and South Korea.

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Amit D. Munshi, President and Chief Executive Officer

Amit D. Munshi served as President and Chief Executive Officer of Arena Pharmaceuticals from May 2016 until its acquisition by Pfizer in March 2022. He has over 30 years of global biopharmaceutical industry experience. Previously, Mr. Munshi was President and CEO of Epirus Biopharmaceuticals, Inc., and Percivia LLC, a biotechnology company that was sold to Johnson & Johnson. He was also a co-founder and Chief Business Officer of Kythera Biopharmaceuticals, Inc., from 2005 to 2010, which was later sold to Allergan for $2.1 billion. Mr. Munshi held multiple leadership positions at Amgen Inc. from 1997 to 2005.

Kevin R. Lind, Executive Vice President and Chief Financial Officer

Kevin R. Lind joined Arena Pharmaceuticals as Executive Vice President and Chief Financial Officer in June 2016 and served in this role until February 2020. Prior to Arena, Mr. Lind was a Principal focused on healthcare at TPG Special Situations Partners, a global investment firm, from 2009 to 2016. He also held positions at TPG-Axon's Pharma Partners group and began his career in healthcare investment banking at Lehman Brothers, Inc. After Arena, Mr. Lind became President and CEO of Longboard Pharmaceuticals, an Arena spinout, which was acquired by H. Lundbeck A/S for approximately $2.6 billion in December 2024.

Vincent E. Aurentz, Executive Vice President and Chief Business Officer

Vincent E. Aurentz served as Executive Vice President and Chief Business Officer at Arena Pharmaceuticals from August 2016. He has over 30 years of experience in the biopharmaceutical industry. Before joining Arena, he was the Chief Business Officer of Epirus Biopharmaceuticals and President of HemoShear Therapeutics. Mr. Aurentz also held an executive board role at Merck KGaA/Merck Serono, senior executive leadership roles at Quintiles, CSC Healthcare, and Andersen Consulting, and co-founded a venture capital and advisory firm. He played a significant role in the formation of Arena's spinout, Longboard Pharmaceuticals, and served on its board.

Robert Lisicki, Executive Vice President and Chief Commercial Officer

Robert Lisicki served as Executive Vice President and Chief Commercial Officer at Arena Pharmaceuticals from November 2018 to March 2022, where he was responsible for building the company's global commercial infrastructure and contributed to its M&A activities. He has over 20 years of experience in biopharmaceutical management, sales, and marketing. Prior to Arena, Mr. Lisicki served as General Manager, Vice President Cardio-Metabolic and Inflammation at Regeneron Pharmaceuticals, Inc., and Senior Vice President of Sales and Marketing and Chief Customer Officer at Daiichi Sankyo, Inc. He also held several management positions at Amgen Inc. and various sales and marketing positions at Johnson & Johnson Corporation.

Chris Cabell, M.D., M.H.S., FACC, Executive Vice President, Head of Research and Development, and Chief Medical Officer

Dr. Chris Cabell served as Senior Vice President and Chief Medical Officer at Arena Pharmaceuticals since August 2019, and then assumed the role of Executive Vice President, Head of Research and Development, and Chief Medical Officer in June 2020 until his retirement and resignation in December 2020. He spent 10 years at IQVIA (formerly Quintiles, Inc. and QuintilesIMS) in various executive positions, including Chief Medical and Scientific Officer. Dr. Cabell is a Fellow of the American College of Cardiology and was an Associate Professor of Medicine in the Division of Cardiology at Duke University School of Medicine. He later became President and Head of Research & Development, and Chief Medical Officer of Inhibikase Therapeutics.

• Google's AI Overviews: This emerging feature within Google Search directly threatens Arena Group's reliance on search engine traffic for content distribution and advertising revenue. By providing AI-generated answers and summaries directly at the top of search results, Google significantly reduces the incentive for users to click through to publisher websites, impacting page views and ad impressions. This shift in content consumption mirrors how Netflix bypassed traditional video rental stores.
• Deprecation of third-party cookies and increasing privacy regulations: The ongoing and imminent full phase-out of third-party cookies by Google Chrome, combined with evolving global privacy regulations, fundamentally changes the digital advertising landscape. This threatens Arena Group's ability to effectively target advertising and monetize its audience data, potentially leading to reduced ad revenues and increased costs for developing robust first-party data strategies.
• Shift in audience attention to short-form video platforms and AI-generated content: The continued migration of audience attention, particularly among younger demographics, to short-form video platforms like TikTok and YouTube Shorts directly competes with Arena Group's core article-based content offerings. Additionally, the proliferation and increasing sophistication of AI in generating high-quality content (e.g., news summaries, sports analysis) could devalue traditional journalistic output and capture market share.

The Arena Group Holdings, Inc. (symbol: AREN) is a tech-powered media company that operates a portfolio of digital publishing brands, focusing on content creation, distribution, audience engagement, and monetization through digital advertising and subscriptions. Key brands in their portfolio include TheStreet, Sports Illustrated, Parade, and Men's Journal.

Information on the specific addressable market sizes for Arena Group Holdings' main products or services is not readily available in the provided search results. While the company's revenue streams are identified as digital advertising and subscriptions, and their primary industry is Media and Information Services (B2B), quantitative market sizes for these segments directly attributable to AREN's offerings or within defined geographical regions (e.g., U.S. or global) were not found.

1. Growth in Digital Advertising and Increased Revenue Per Page View (RPMs): The Arena Group has demonstrated strong growth in its digital advertising business. In Q3 2023, digital advertising revenue increased by nearly 30% year-over-year. The company also saw a 46% increase in total RPMs, with display programmatic CPMs (cost per mille or thousand impressions) outperforming industry benchmarks by 40%. This indicates a successful strategy in monetizing its growing digital audience through advertising.


2. Expansion of Brand Portfolio and Launch of New Publications: A core driver for future revenue is the continuous expansion of The Arena Group's portfolio of media brands. Recent acquisitions, such as Men's Journal and Fexy Studios in late 2022 and early 2023, and Parade Media in April 2022, have already contributed to revenue growth. The company successfully launched new publications, including TravelHost, and aims to add one new brand per quarter, leveraging its existing technology platform and operational model to scale these new ventures.


3. Scaling of the "Entrepreneurial Publishing Model": The Arena Group's shift to an "entrepreneurial publishing model" is a significant growth driver. This model, which aligns talented journalists with business success, has led to accelerated and profitable growth for brands like Men's Journal, TheStreet, and Parade. For example, Men's Journal experienced a 479% traffic increase over Q2 2024, and TheStreet doubled its pageviews in the same period, demonstrating the model's effectiveness in driving audience engagement and, consequently, revenue.


4. Growth in Licensing and Syndication Revenue: The company has seen considerable growth in its licensing and syndication business. In Q1 2023, this segment experienced a 49% year-over-year increase in revenue, contributing to the overall digital revenue growth. Continuing to expand these partnerships and leverage its content across various platforms is expected to be a sustained revenue driver.


5. Expansion of E-commerce and Affiliate Commerce Initiatives: Investing in new growth areas like e-commerce is another key driver. The Arena Group is actively growing its e-commerce and affiliate commerce businesses, as evidenced by a 287% increase in affiliate commerce revenue during Q2-Q3 2024 compared to the previous year. Improvements in revenue per post within affiliate commerce further highlight the potential for this area to contribute significantly to future revenue.

Share Repurchases

Arena Pharmaceuticals, Inc. did not report any significant share repurchase activity during the 2019-2021 period. As of December 31, 2021, and December 31, 2020, the company did not have any publicly announced share repurchase programs or authorizations.

Share Issuance

• Arena Pharmaceuticals' common stock outstanding increased from 50,249,149 shares as of February 21, 2020, to 60,334,648 shares as of February 18, 2021, and further to 61,659,385 shares as of February 17, 2022.
• This increase in outstanding shares indicates share issuance, likely through employee stock option exercises and other equity compensation plans during the period.

Inbound Investments

• Pfizer Inc. acquired Arena Pharmaceuticals, Inc. for approximately $6.7 billion in an all-cash transaction.
• The definitive agreement for the acquisition was announced in December 2021, and the transaction closed on March 11, 2022.
• The acquisition valued Arena at $100 per share, more than double its closing price prior to the announcement.

Outbound Investments

• In October 2020, Arena announced the launch and provided $56.0 million in financing for Longboard Pharmaceuticals, Inc.
• Longboard Pharmaceuticals was established to focus on developing novel central nervous system (CNS) targeted assets discovered by Arena's GPCR research engine.

Capital Expenditures

• Arena Pharmaceuticals reported capital expenditures of approximately $10.0 million for the year ended December 31, 2021.
• For the year ended December 31, 2020, capital expenditures were approximately $10.7 million.
• Capital expenditures primarily focused on property and equipment to support research and development activities and general corporate purposes.