Elsewhere, Ariad Pharmaceuticals ( ARIA) entered into a non-exclusive license agreement with cardiovascular device company Icon Medical, to develop and commercialize drug-eluting stents that deliver Ariad's novel mTOR inhibitor, deforolimus, to prevent re-narrowing of arteries after interventions in which stents are used with balloon angioplasty. Icon is responsible for development and commercialization. Ariad is receiving an equity stake in Icon, up to $27 million in payments based on achievement of certain clinical, regulatory and commercial milestones for two products and royalties on all sales of Icon medical devices that deliver deforolimus. Additional terms weren't disclosed. Ariad shares edged down 12 cents, or 2.3%, to $5.01.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).