Reuters: Global Markets: Ariad shares fall as FDA panel fails to back cancer drug

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Ariad shares fall as FDA panel fails to back cancer drug Mar 21st 2012, 13:13 Wed Mar 21, 2012 9:13am EDT (Reuters) - Ariad Pharmaceuticals' (ARIA.O) shares fell 3 percent on Wednesday morning after a U.S. Food and Drug Administration panel did not recommend the company's experimental cancer candidate. On Wednesday, the FDA's Oncologic Drugs Advisory Committee (ODAC) voted 13-1 that the benefits of the company's investigational agent ridaforolimus did not outweigh its risks. "We no longer assume approval on the June 5, 2012 PDUFA (action) date," Stifel Nicolaus analyst Joel Sendek said, and cut his price target on Ariad's stock by a dollar to $18. The FDA is not typically required to go with the recommendation of its advisory committees for a drug's approval. However, the ODAC panel's advice will be taken into account when FDA makes its decision regarding the marketing application of ridaforolimus, Ariad said. The drug, which would be marketed as Taltorvic if approved, is being developed as a maintenance treatment for soft-tissue and bone sarcoma, or tumor arising from the connective tissue. In 2010, Ariad licensed the drug to Merck (MRK.N), which is to entirely fund its development and marketing in the cancer indication, under their agreement.

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