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Jan 23, 2014, 12:04pm EST
Ariad up on UK article saying it might be sold
Don Seiffert
BioFlash Editor- Boston Business Journal
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Stock in Ariad Pharmaceuticals was up this morning after an article in a U.K. newspaper said three big pharma companies have approached the Cambridge biotech interested in acquiring it.
Indianapolis-based Eli Lilly reportedly offered to pay $20 a share for the company, according to an article in the Mail Online late Wednesday which cited “dealers.” Ariad’s stock was trading at noon today at $7.30 a share, up 9 percent from Wednesday’s close and giving the 300-employee company a market capitalization of $1.3 billion.
Although the article said that “Eli Lilly is said to be well ahead of the field and could soon swallow Ariad with loose change,” it also said that GlaxoSmithKline and Shire are also interested.
Contacted this morning, Ariad spokeswoman Liza Heapes declined to comment on the article, calling it “speculation.” An analyst at Leerink Partners also declined to comment on the news.
Ariad just last week announced that its sole drug on the market, Iclusig, would resume sales in the U.S. The leukemia drug was taken off shelves here on Oct. 31 after the U.S. Food and Drug Administration became concerned about higher-than-anticipated blood clots in an ongoing study. The drug now requires an expanded black box warning about potential health effects, and the company has yet to resume a trial it had under way hoping to get approval for the drug in newly-diagnosed patients, rather than those who have already tried other drugs.
Although the drug continued to be sold in Europe despite the FDA’s actions, the interruption of sales here led to a collapse of the company’s stock from around $18 a share in the months leading up to October to less than $7.50 a share ever since.
Related links:
Biotech
Industries:
Health Care
www.bizjournals.com/boston/blog/bioflash/...ying-it-might.html
Ariad up on UK article saying it might be sold
Don Seiffert
BioFlash Editor- Boston Business Journal
Stock in Ariad Pharmaceuticals was up this morning after an article in a U.K. newspaper said three big pharma companies have approached the Cambridge biotech interested in acquiring it.
Indianapolis-based Eli Lilly reportedly offered to pay $20 a share for the company, according to an article in the Mail Online late Wednesday which cited “dealers.” Ariad’s stock was trading at noon today at $7.30 a share, up 9 percent from Wednesday’s close and giving the 300-employee company a market capitalization of $1.3 billion.
Although the article said that “Eli Lilly is said to be well ahead of the field and could soon swallow Ariad with loose change,” it also said that GlaxoSmithKline and Shire are also interested.
Contacted this morning, Ariad spokeswoman Liza Heapes declined to comment on the article, calling it “speculation.” An analyst at Leerink Partners also declined to comment on the news.
Ariad just last week announced that its sole drug on the market, Iclusig, would resume sales in the U.S. The leukemia drug was taken off shelves here on Oct. 31 after the U.S. Food and Drug Administration became concerned about higher-than-anticipated blood clots in an ongoing study. The drug now requires an expanded black box warning about potential health effects, and the company has yet to resume a trial it had under way hoping to get approval for the drug in newly-diagnosed patients, rather than those who have already tried other drugs.
Although the drug continued to be sold in Europe despite the FDA’s actions, the interruption of sales here led to a collapse of the company’s stock from around $18 a share in the months leading up to October to less than $7.50 a share ever since.
Related links:
Biotech
Industries:
Health Care
www.bizjournals.com/boston/blog/bioflash/...ying-it-might.html
