Though a major Arena Pharmaceuticals Inc. shareholder has been dissatisfied with the biotechnology company’s performance, sources say don’t expect Arena’s labs to fire up M&A anytime soon. In a June 11 13D, BVF Partners LP, an investment firm that has approximately $770 million under management and focuses on the biotech sector, said it acquired a 20.3% position in the biotech company. In the filing, Chicago-based BVF said it does not have plans to acquire Arena but “might provide constructive input regarding measures to maximize shareholder value.” Mark Lambert, the portfolio manager at BVF, declined to comment about the type of input BVF would give Arena.
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