Ariad shares soar 34% on positive Phase III outcome data for mTOR inhibitor in sarcoma
This article was originally published in Scrip
Ariad Pharmaceuticals' shares jumped after it reported positive top-line results from a Phase III trial of its investigational mTOR inhibitor, ridaforolimus – specifically a 28% reduction in the risk of progression in sarcoma compared to the placebo group, and a 21% (or 3.1 week) improvement in progression-free survival, as determined by an independent panel, achieving the primary endpoint of the study. The shares soared $1.78, or 34%, to close at $7.04,$226 million adding to the company's value for a 18 January closing market capitalisation of $666 million.
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