Senator Bernie Sanders just called out Ariad Pharmaceuticals over the price of its leukemia drug, and the company’s stock is dropping.
Ariad, which makes a drug called Iclusig, has raised the price of the drug four times this year, The Street reports. It now costs $199,000 a year, before factoring in insurance or any discounts. The company’s stock was down 10% Friday afternoon.
When it was first approved in 2012, the drug cost $9,580 a month. Now, it costs $16,560 a month, a 73% increase. Along the way, the drug has had some safety problems and actually got pulled off the market in 2013 by the FDA, but a few months later was reinstated with warnings about cardiovascular problems that may occur.
Here’s what the stock looked like Friday afternoon.