Pre-market: Ariad Pharmaceuticals inks deal with Merck
Cambridge, Mass.-based ARIAD Pharmaceuticals Inc. (Nasdaq: ARIA) has entered into an agreement with industry giant Merck & Co. (NYSE: MRK) to develop and commercialize a new cancer treatment, the company said this morning. Merck will pay the drug developer $75 million upfront, up to $452 million in milestone payments and up to $200 million in sales bonuses. The stock is up $0.20, or 3%, to $6.25.
Shares of Multi-Fineline Electronix, Inc. (Nasdaq: MFLX) are down following news after Wednesday’s close that the electronic components maker saw its fiscal third quarter net sales decline unexpectedly. The stock is down $0.38, or 2%, to $16.77.
Shares of specialty retailer Hot Topic, Inc. (Nasdaq: HOTT) are in positive territory on news after Wednesday’s close that the City of Industry, Calif.-based company saw its same-store sales decline 4%. The stock has added $0.40, or 4%, to $11.04.
China Sunergy Co., Ltd. (Nasdaq: CSUN), which manufactures solar cells, has received a patent approval from the Chinese State Intellectual Property Office, the company said this morning. Shares are up $0.31, or 3%, to $11.46.
Shares of Melville, N.Y.-based Fonar Corp. (Nasdaq: FONR), which makes magnetic resonance imaging scanners, have appreciate following news this morning that physicians who have used the company’s technology have appeared in the peer-reviewed journal Radiology touting its unique benefits. The stock is up $0.31, or 4%, to $8.45.
