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Shares of Ariad Pharmaceuticals soared 39 percent Monday, after the company said it discovered "highly potent" compounds that inhibit the growth of common cancers.

"Ariad's proprietary compounds were shown to block the growth of breast, prostate, colon, lung, bone and kidney tumors and leukemia," the company said.

Ariad presented data related to the discovery Monday at the International Conference on Molecular Targets and Cancer Therapeutics in Miami Beach, Fla.

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