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Article: Novo Nordisk Agrees To $55M For Aradigm's Insulin Program.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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West Coast Editor
Almost six months after Aradigm Corp. and partner Novo Nordisk A/S decided to end early a Phase III trial with their inhaled insulin product because of problems with Type I diabetics, Novo said it agreed to buy all development and manufacturing rights to the AERx insulin diabetes management system (IDMS) program for $55 million.
Aradigm's stock (NASDAQ:ARDM) closed Wednesday at $1.20, up 4 cents.
"I hope we've surprised the market a little bit," said Richard Thompson, president and CEO of Hayward, Calif.-based Aradigm.
The bad news from the Phase III trial - which put a 29.7 percent dent in Aradigm's shares the day ...