BioCentury
ARTICLE | Finance

Swords to plowshares

How Ariad's outgoing Berger can profit from cancer company's progress

May 4, 2015 7:00 AM UTC

Sarissa Capital Management succeeded in prompting the retirement of Harvey Berger from Ariad Pharmaceuticals Inc. (NASDAQ:ARIA), but the outgoing chairman and CEO has a vested interest in the activist investor's ability to unlock value in the cancer company.

According to SEC filings, Berger directly held 1.3 million Ariad shares as of March 26 and indirectly held another 2.4 million shares as of Feb. 12, which translates to a total stake of about 2%. ...