Ariad Pharmaceuticals' potential cancer treatment met a main goal in a late-stage study, the company said Tuesday, sending shares rocketing 31 percent in premarket trading to what would be a new 52-week high.
Patients taking ridaforolimus, an oral drug, had improved progression-free survival compared to those taking a placebo in the ongoing study, the company said. The study involved patients with metastatic soft-tissue or bone sarcomas who had responded favorably to chemotherapy.
Ridaforolimus is currently being developed by Merck & Co. in multiple cancer indications under an exclusive license and collaboration agreement with Ariad Pharmaceuticals Inc., based in Cambridge, Mass. Merck plans to file for marketing approval of the drug this year.
Ariad shares rose 1.76 to $7.01, well above the 52-week high of $5.25. Shres of Merck edged up less than a percent.
