Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) and Paladin Labs Inc., an operating company of Endo International plc, announced that ARIAD has granted Paladin exclusive rights to distribute Iclusig™ (as ponatinib hydrochloride) in Canada for its newly approved indications. Paladin is focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market.
Health Canada recently approved Iclusig for the treatment of adult patients with all phases of chronic myeloid leukemia (CML) or Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) for whom other tyrosine kinase inhibitor (TKI) therapy is not appropriate, including CML or Ph+ ALL that is T315I mutation positive, or where there is prior TKI resistance or intolerance. Iclusig will be made available through a controlled distribution program, whereby prescribers who have completed the certification procedure will be able to prescribe Iclusig.
“Paladin has a proven track record of successfully commercializing innovative pharmaceuticals in Canada and will be a strong partner for us,” said Marty J. Duvall, executive vice president and chief commercial officer of ARIAD. “Through this commercial distribution agreement, we are confident that Iclusig will become available for appropriate patients with Ph+ leukemias who otherwise would have limited treatment options available.”
Under the terms of the agreement, ARIAD will continue to be the Marketing Authorization Holder of Iclusig inCanada, and Paladin will be responsible for distribution, sales and marketing, medical affairs, and pricing and reimbursement activities. Paladin will book sales of Iclusig in Canada while ARIAD will supply packaged drug to Paladin.
“Iclusig has shown promising clinical evidence to address this serious unmet medical need,” said Mark Beaudet, President of Paladin. “We are excited to add this important medicine to our core pharmaceutical-product offering in Canada through our collaboration with ARIAD.”
CML is a cancer of the white blood cells that according to the Chronic Myelogenous Leukemia Society of Canadaaffects 1 in 100,000, with about 5,500 Canadians living with the disease. In 2010, more than 550 people in Canadawere estimated to be diagnosed with CML, and 480 people were estimated to be diagnosed with ALL. (Original Source)
Shares of Ariad Pharmaceuticals closed yesterday at $8.77 . ARIA has a 1-year high of $9.89 and a 1-year low of $4.90. The stock’s 50-day moving average is $9.03 and its 200-day moving average is $7.84.
On the ratings front, Ariad Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on June 3, William Blair analyst Tim Lugo reiterated a Buy rating on ARIA, with a price target of $11, which implies an upside of 25.4% from current levels. Separately, on May 14, BMO’s Jim Birchenough reiterated a Buy rating on the stock and has a price target of $14.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Tim Lugo and Jim Birchenough have a total average return of -2.5% and 39.4% respectively. Lugo has a success rate of 50.0% and is ranked #3055 out of 3619 analysts, while Birchenough has a success rate of 61.1% and is ranked #21.
In total, 2 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $10.50 which is 19.7% above where the stock closed yesterday.
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.