Friday after hours

Shares of Ariad Pharmaceuticals Inc. (Nasdaq: ARIA) were up $0.08, or by 1.8%, to $4.52 in after-hours trading Friday after the company announced it has filed a counter-claim against Amgen Inc. (Nasdaq: AMGN) and Wyeth (NYSE: WYE) in a patent infringement suit. In April 2006, Amgen filed a lawsuit against Cambridge, Mass.-based Ariad, which develops drugs to treat cancer. Amgen’s goal was to nullify a patent of Ariad’s in order to protect its Enbrel arthritis drug. Later in the year, Ariad unsuccessfully sought to have the lawsuit dismissed. Steep legal fees associated with the lawsuit contributed to Ariad posting a nearly $62 million loss during the fiscal year ending Dec. 31, compared with a $55.5 million loss in fiscal 2005. Ariad Chairman and CEO Dr. Harvey Berger says the suit illustrates the firm’s “strong belief in the validity and enforceability of” its patent.

For access to the full article, you must be a registered member - it's FREE.

Already a member? Please log in below