After Hours
Aug 21, 2009, 6:53 p.m. EST
Ariad Pharma moves higher; Salesforce builds on gains
Explore related topics
ARIAD Pharmaceuticals Inc Eli Lilly and Co Salesforce.com Inc Nasdaq Composite Index
Story Quotes Comments Screener
Alert Email Print Share
By Carla Mozee, MarketWatch
LOS ANGELES (MarketWatch) -- Shares of Ariad Pharmaceuticals Inc. climbed Friday evening following a report that a federal court will reconsider its decision to throw out a multimillion-dollar ruling that found in the company's favor.
Ariad /quotes/comstock/15*!aria/quotes/nls/aria (ARIA 2.30, +0.18, +8.49%) rose 6.1% to $2.25 in active trading. A decision which overturned a 2006 judgment awarding Ariad $65 million in an patent-infringement case against Eli Lilly & Co. /quotes/comstock/13*!lly/quotes/nls/lly (LLY 33.45, +0.30, +0.90%) will be reconsidered by the U.S. Circuit Court of Appeals for the Federal Circuit, according to a Dow Jones Newswires report.
The dispute stems from Ariad's allegations that Eli Lilly's Evista, a drug to treat osteoporosis, and Xigris, used to treat sepsis, infringed Ariad's patent claims related to cell proteins, according to the report.
In April, a judicial panel ruled that Ariad's patent claims were invalid because of inadequate written descriptions, the news group reported.
Eli Lilly's late-traded shares were unchanged at $33.45 in low volume.