Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) announced that its Board of Directors has unanimously approved the termination of the Company’s Section 382 Rights Agreement, or the Rights Plan, originally adopted on October 31, 2013, effective immediately. The Rights Plan and the associated rights expired at 5:00 p.m. EST on January 8, 2016, and will be of no further force or effect. ARIAD shareholders do not have to take any action as a result of this termination.

The Rights Plan had the effect of prohibiting any person from acquiring 4.99% or more of the Company’s common stock, or if a group or person already owned 4.99% or more of the Company’s common stock, from acquiring an additional 0.5% or more of common stock, subject to certain exceptions. (Original Source)

Shares of Ariad Pharmaceuticals closed last Friday at $5.32, up $0.06 or 1.14%. ARIA has a 1-year high of $10.07 and a 1-year low of $5.25. The stock’s 50-day moving average is $6.18 and its 200-day moving average is $7.12.

ARIAD Pharmaceuticals Inc is an oncology company. The Company is engaged in transforming the lives of cancer patients with breakthrough medicines. It commercializes & develops products and product candidates including Iclusig, Brigatinib, and AP32788.