Alex Denner has taken a seat with the board of directors at Ariad--a position he demanded back in October when the company's only approved drug, Iclusig, ran into major safety concerns.
Ariad Pharmaceuticals just relaunched its leukemia drug Iclusig last week, but already buyout rumors are buzzing. The U.S.-based biotech saw its shares jump this morning on reports that Eli Lilly is leading a field of several potential buyers.
Last year, Ariad Pharmaceuticals watched more than $2.5 billion melt off its market cap when the cancer-fighting Iclusig began a downward spiral that would eventually remove it from the market. But now begins the rebuilding project, as the Cambridge, MA, drugmaker has relaunched its sole product with a lot of ground to make up.
Ariad Pharmaceuticals is back in the market with Iclusig. The FDA is allowing the Cambridge, MA-based company to again sell the leukemia drug, but with tighter restrictions to face. Ariad has a lot of ground to regain to return to its former glory.
Losing more than $2.5 billion in market value didn't kill Ariad Pharmaceuticals, and now the biotech is set to relaunch the once-spurned cancer drug Iclusig in the U.S. as the FDA has approved a new label and indication for the company's only product.
The European Medicines Agency has decided to look again at the clotting risks of Ariad Pharmaceuticals' troubled cancer drug Iclusig.
Ariad Pharmaceuticals seemed to dodge a bullet last month when the European Medicines Agency chose not to follow its U.S. counterpart, letting the troubled Iclusig stay on the market. Now, the regulator is reopening the books on Ariad's cancer drug, reviving concerns about the company's sole product and sending its shares down about 10%.
Drugmaker Ariad left its European operations untouched last month when it took an ax to its workforce after the FDA requested it pull its leukemia drug Iclusig off the market in the U.S. Regulators in the EU did not make the same request, but they also did not ignore the clotting risks that raised a red flag at the FDA.
Ariad Pharmaceuticals is letting go of nearly half its U.S. staff just a week after pulling its leukemia drug Iclusig from the market at the FDA's request, an unsurprising next step in what has been a monthlong downward spiral for the Massachusetts biotech.
With a plummeting share price and grim prospects for its lead drug, Ariad Pharmaceuticals is adopting a shareholder rights plan to deter would-be corporate raiders, a move to protect what little value it has left.