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Companies -
Biotechnology Companies
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Written by Hugh McManus
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Wednesday, 05 May 2010 17:42 |
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Ariad Pharmaceuticals inked a major deal with Merck & Company today that could be worth close to $600 million. The stock of Aria Pharmaceuticals, which closed at $3.70 yesterday, hit a high of $4.22 today after a deal with Merck was announced. The deal is for ridaforolimus, a small molecule immunosuppresant in a phase III trial for cancer, specifically, metastatic soft-tissue and bone sarcomas. The company has been in collaboration with Merck on this drug since July of 2007. Ariad will receive an upfront payment of $50 million with an additional $19 million reimbursement for R&D expenses incurred to date in the program. Future payments are triggered upon acceptance of the NDA by the FDA with another payment when the drug receives marketing approval. There are similar milestones for acceptance and approval in both Europe and Japan. Other milestone payments are tied to revenue goals for the drug.
Ariad has two additional drugs in the pipeline: AP24534, a kinase inhibitor, for hematological cancers is in phase 1 and AP 26113 for lung lymphoma is in preclinical development. Each compound is a small molecule developed by Ariad scientists.
The company has traded as low as $1 in the past two years; historically, the price has stayed below $5. This deal with Merck should help validate the company and its discovery/development engine in the eyes of investors; it certainly helps differentiate the company from others in this space. As long as there is no bad news from the ridaforolimus program, it would not be surprising if the stock moved to the $6 to $8 range by the end of the year. The company is most likely at least twelve months away from filing an NDA for ridaforolimus.
Ariad will hold a news conference with investors on Monday, May 10 at 1700 ET.
phx.corporate-ir.net/phoenix.zhtml?c=118422&p=irol-newsArticle&ID=1422686&highlight=
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