Shares of drugmaker Arena Pharmaceuticals (NASDAQ:ARNA) took a 10% hit in intraday trading after the company reported that Europe's CHMP has asked for more information regarding its obesity drug Belviq. While Arena will have a chance to respond to the committee before an official decision is made, it looks like Belviq's chances for EU approval are deteriorating fast. Investors should also note that Arena's chief rival, VIVUS (NASDAQ:VVUS), was dealt an EU rejection for its drug Qsymia back in September.

In this video, health care analysts Max Macaluso and Brenton Flynn discuss this news in the context of the competitive obesity drug space, and they reflect on the challenges that obesity drugmakers -- including Orexigen Therapeutics (NASDAQ:OREX) -- face in getting their drugs approved across the Atlantic.

Brenton Flynn has no position in any stocks mentioned. Max Macaluso, Ph.D. has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.