Ariad Pharmaceuticals [NASDAQ:ARIA] inks major deal |
Biotechnology Companies | |||
Written by Hugh McManus | |||
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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.
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