Shares of Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) ended Monday session in red amid volatile trading. The shares closed down -0.01 points or -0.08% at $12.11 with 192.71 million shares getting traded. Post opening the session at $12.15 the shares hit an intraday low of $11.94 and an intraday high of $12.20 and the price vacillated in this range throughout the day. The company has a market cap of $2.42 billion and the numbers of outstanding shares have been calculated to be 192.71 million shares.
Ariad Pharmaceuticals, Inc. (ARIA) on August 30, 2016 announced it has completed the rolling submission of the New Drug Application (NDA) for its investigational anaplastic lymphoma kinase (ALK) inhibitor, brigatinib, to the U.S. Food and Drug Administration (FDA). ARIAD is seeking U.S. marketing approval of brigatinib for patients with metastatic ALK-positive (ALK+) non-small cell lung cancer (NSCLC) who are resistant or intolerant to crizotinib. The Company is seeking accelerated approval for brigatinib from the FDA and has requested a priority review of the application, which, if granted, would allow for approval of brigatinib eight months after the NDA submission, as opposed to 12 months for a standard review.
“Many patients with ALK-positive non-small cell lung cancer eventually develop disease progression,” said Corey Langer, M.D., director of thoracic oncology in the Abramson Cancer Center of the University of Pennsylvania and a professor of Hematology-Oncology in Penn’s Perelman School of Medicine. “We are excited that the brigatinib NDA submission is now complete and are hopeful that brigatinib’s data, including the observation of complete responses and activity in the central nervous system, will provide patients and their oncologists with a new treatment option.”
Shares of Abbott Laboratories (NYSE:ABT) ended Monday session in red amid volatile trading. The shares closed down -0.19 points or -0.45 at $41.68 with 1.47 billion shares getting traded. Post opening the session at $42.04, the shares hit an intraday low of $41.59 and an intraday high of $42.36 and the price vacillated in this range throughout the day. The company has a market cap of $62.39 billion and the numbers of outstanding shares have been calculated to be 1.47 billion shares.
Abbott Laboratories (ABT) on Sept. 16, 2016 announced that it will sell Abbott Medical Optics, its vision care business, to Johnson & Johnson for $4.325 billion in cash.
“We’ve been actively and strategically shaping our portfolio, which has recently focused on developing leadership positions in cardiovascular devices and expanding diagnostics,” said Miles D. White, chairman and chief executive officer, Abbott. “Our vision care business will be well-positioned for continued success and advancement with Johnson & Johnson, and I’d like to thank our employees for building a successful business.”
Abbott’s vision business has products in areas including cataract surgery, laser vision correction (LASIK) and corneal care products (contact solution, eye drops, etc.).
The net impact of this transaction is not expected to impact Abbott’s overall targeted ongoing earnings per share in 2017. This targeted earnings per share excludes the expected gain on this transaction and any costs related to the transaction. The transaction is expected to close in the first quarter of 2017 and is subject to customary closing conditions, including regulatory approvals.