October 20, 2016 / 5:52 PM / 2 years ago

BUZZ-Ariad Pharmaceuticals Inc: Politicians question Iclusig pricing

** Cancer drug maker’s shares down 5 pct at $10.26

** Former Democratic presidential candidate Bernie Sanders and U.S. Representative Elijah Cummings issue a letter seeking information on the “staggering” price increases for Ariad’s leukemia drug, Iclusig

** Iclusig was approved in 2012 and is used to treat chronic myeloid leukemia, a type of bone marrow cancer; the drug has since been linked with a myriad of safety issues

** Ariad’s pricing strategy came under scrutiny after the TheStreet reported earlier this month that the company had raised the price of the drug

** The pharmaceutical industry is being heavily scrutinized by regulators and lawmakers for price gouging since last fall, when companies like Turing Pharmaceuticals, Valeant Pharmaceuticals International Inc and recently Mylan NV came under fire for the practice

** Up to Wednesday’s close, Ariad’s stock had fallen 22 percent since Oct. 5, a day before TheStreet report was published

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