Biotech company Ariad Pharmaceuticals' (NASDAQ:ARIA) quest to gain EU approval for its Chronic Myeloid Leukemia (CML) drug Iclusig is almost complete. Today, the company announced that the EU's CHMP recommended that the European Commission officially approve the drug. Why then, given this good news, did Ariad's share price barely move following the announcement. Was the market largely expecting this approval? And looking longer term, who will Ariad have to compete with as it hopes to ramp up sales for its CML treatment? Health-care analyst Max Macaluso tackles these issues in the following video.

Max Macaluso, Ph.D. has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.