WASHINGTON – Arena Pharmaceuticals Inc.'s shares (Nasdaq:ARNA) nose dived 39.7 percent Tuesday after FDA reviewers said they could not definitively conclude that the firm's experimental weight loss drug lorcaserin was devoid of valvulopathy-related cardiac effects.

ZymoGenetics Inc. is the latest treasure Bristol-Myers Squibb Co. is seeking to add its string of pearls under the pharma giant's 2007 strategy to grow its R&D pipeline, offering $9.75 per share for the Seattle biotech, or about $885 million. (BioWorld Today)