According to a report published by Bloomberg this morning, Baxalta Inc. has abandoned its pursuit of Ariad Pharmaceuticals Inc. The report suggests that the deal broke down earlier this week, due to a disagreement over the price Baxalta was willing to pay for its smaller peer.
Shares of Ariad, which develops leukemia and lung cancer treatments, fell as much as 22% in early trade but have since recovered slightly and are now trading down by 16.8% on the day.
Baxalta: Fending off Shire
According to Bloomberg, there are currently no plans to resume negotiations and Baxalta has received plenty of negative feedback about the prospect of a takeover from investors.
Baxalta had been pursuing Ariad in an attempt to fend off a $30 billion takeover offer...
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