Ariad Sinks Most in 4 Years on Safety Warning in Approval
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Ariad Pharmaceuticals Inc., a developer of cancer drugs, sank the most in more than four years after the company’s cancer medicine received a warning label with U.S. approval to treat two rare types of leukemia.
Ariad dropped 21 percent to $18.93 at the close in New York, the biggest single-day decline since October 2008. The shares of the Cambridge, Massachusetts-based company had almost doubled this year through yesterday.