Ariad has had a roller coaster ride over the past several months based on news regarding its drug, Iclusig, for the treatment of refractory cases of leukemia. Given an unusually high incidence of serious cardiovascular events in patients on long-term treatment, the company withdrew the drug in October, 2013, causing a stock sell off on October 8 from near $17 to $6. By the end of October the stock price had fallen to $2.20, losing nearly 90% of its market cap from the peak of $25 earlier in 2013.
The company rapidly responded by cutting 40% of its work force to reduce cash burn and actively engaged with the FDA and cancer advocate groups to map out a path forward...
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