W

hen it comes to weight loss, Arena Pharmaceuticals is throwing in the towel.

The small San Diego biotech company had once expected its anti-obesity drug, Belviq, to be a blockbuster — after all, more than one-third of Americans are obese. But the market wasn’t interested, and sales never lived up to expectations — leading the company to slash its employee count by 120, nearly three-quarters of its workforce.

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