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December 14, 2012
14:08 EDTARIAARIAD slumps after FDA requires warning on newly approved drug
ARIAD Pharmaceuticals (ARIA) is retreating after the company said that the FDA had approved the company's leukemia treatment, but will require it to include a warning on the drug's box. The warning will state that the drug, Iclusig, can cause blood clots and liver toxicity, ARIAD disclosed earlier today. In a note to investors, Citigroup wrote that the Street had not expected the company to be forced to issue such a warning. The firm, however, views the FDA's decision to grant accelerated approval to the drug as positive and it maintains a Buy rating on the stock. In mid-afternoon trading, ARIAD fell $2.33, or 9.76%, to $21.55.
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