Ariad Gains as Investors Bet on Takeover Interest
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Ariad Pharmaceuticals Inc., the cancer-therapy developer that lost 64 percent of its market value last year, rose for a third day as investors bet the company may attract interest from larger drugmakers.
Ariad climbed 20 percent to $8.99 at the close in New York, its biggest one-day gain since Dec. 18. The shares of the Cambridge, Massachusetts-based company increased 12 percent yesterday after a report by the U.K.’s Daily Mail of takeover interest from bigger companies. Ariad declined to comment.