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Ariad celebrates drug approval with a $310mm public offering
Cancer therapeutics developer Ariad Pharmaceuticals Inc. netted $310mm through the public sale of 16.5mm common shares (including partial exercise of the overallotment) at $19.60. The company will use some of the proceeds to fund marketing and manufacturing activities for Iclusig (ponatinib), which just last month received accelerated approval from the FDA to treat adults with chronic, accelerated, or blast phase chronic myeloid leukemia that is resistant to prior tyrosine kinase inhibitor (TKI) therapies, or Philadelphia chromosome-positive (Ph+) acute lymphoblastic leukemia resistant to TKIs.
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