Ariad cancer drug target awaits EU approval
Ariad Pharmaceuticals Inc. (Nasdaq: ARIA) has announced its partner, Merck & Co. Inc. (NYSE: MRK), has sent the companies’ joint cancer drug candidate to European regulators for approval. Once the application is accepted and the review begins, likely later this month, ARIAD will receive a $25 million milestone payment from Merck, in connection with the partnership.
If successful, the potential therapy for metastatic sarcomas, called ridaforolimus, would become the first approved drug for Cambridge-based ARIAD. Merck has said it also plans to submit the experimental treatment to regulatory agencies in the U.S., Canada, Asia-Pacific and Latin American markets.