Seeking Alpha

Ariad slumps as Clovis finds no interest

  • Ariad Pharmaceuticals (ARIA -3.6%) began the day in the red and has traded steadily lower throughout the session.
  • Perhaps weighing on the shares is the news that Clovis Oncology (CLVS -11.1%) has received no interest from buyers after hiring Credit Suisse to explore strategic options.
  • Like CLVS' lead compound CO-1686, ARIA's AP26113 is an EGFR inhibitor.
  • When news hit last week that CLVS was pursuing a sale, ARIA spiked.
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