To add a little to my previous post..
I would gladly own a spinoff company of Arena's other assets along with that horde of $1.2 billion in cash as I happen to believe that such a company would trade at number over $50 a share right now...and would grow from there as the trials data comes in from those assets.
So give me the Billions for Etrasimod after phase III and spin off everything else to us for another windfall event at a later date.. Doing this will get us more in the long run then selling the whole company years from now.. Take a look at our pipeline and ask yourself what Olorinab and 418 along with the others as they grow up.. I say numbers as big as Etrasimod or more..!!
And besides I'm an old fart and don't like waiting for something that might happen a decade or later as drug development is a time consuming event...