Ariad slumps as Clovis finds no interest

|By:, SA News Editor

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.