California bankruptcy court
The stock dipped 21 cents, or 7.1 percent, to $2.76 in afternoon trading. Shares have traded between $2.10 and $5.29 over the last 52 weeks.
On Tuesday, the company said the U.S. District Court for the District of Delaware granted Amgen (nasdaq: AMGN - news - people )'s motion for summary judgment a series of noninfringement claims related to related to Enbrel. The drug is approved as a treatment for arthritis and psoriasis, among other conditions, and is made in partnership with Wyeth.
The court found that the administration of Enbrel falls outside of Ariad's asserted claims
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