at Nasdaq.com (Tue, 2:51PM)
The FDA rejects Merck's (MRK) new drug application for ridaforolimus, a bone cancer treatment, saying further trials are needed to assess the drug’s effectiveness and safety. MRK acquired the rights to the drug from Ariad Pharmaceuticals (ARIA) in 2010, which would receive $25M plus royalty payments if the drug is approved.
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