Exhibit 99.1

 ARIAD Announces Collaboration with Medinol, Stent Technology Leader,
               to Develop AP23573 Drug-Delivery Stents

    CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 27, 2005--

    Up to $39 Million in Payments, Plus Royalties on Product Sales

    ARIAD Pharmaceuticals, Inc. (Nasdaq: ARIA) today announced that it
has entered into non-exclusive agreements with Medinol, Ltd., one of
the leading cardiovascular medical device companies, to develop and
commercialize stents and other medical devices to deliver ARIAD's mTOR
inhibitor, AP23573, to prevent reblockage of injured vessels following
stent-assisted angioplasty.
    ARIAD is eligible to receive license fees and regulatory, clinical
and commercial milestones of up to $39.25 million, if two products are
developed, plus royalties on worldwide product sales. ARIAD will be
responsible for supplying AP23573 to Medinol, and Medinol will be
responsible for the development and commercialization of the medical
devices delivering AP23573. ARIAD has retained the right to enter into
two additional non-exclusive agreements to develop and commercialize
AP23573 in drug-delivery devices for vascular disease. Additional
terms were not disclosed.
    "We are pleased to have one of the most innovative and successful
medical device companies as our first partner to develop and
commercialize drug-delivery stents incorporating AP23573 - our lead
mTOR inhibitor which is in Phase 2 oncology clinical trials," said
Harvey J. Berger, M.D., chairman and chief executive of ARIAD. "We
believe that Medinol has the design and manufacturing capabilities to
develop differentiated stent platforms and polymer formulations that
will enable its next-generation stents to achieve substantial
penetration in a market that is estimated to grow to over $6 billion
by 2008."
    Medinol is a leader in stent technology and the inventor,
designer, and manufacturer of the NIR(R) line of stents, including the
NIRFLEX(TM) stents. Understanding the need for simultaneous
flexibility and support, Medinol created the NIRFLEX stents, which are
currently available worldwide for coronary and peripheral use.
    Under a 2002 agreement, Medinol and W.L. Gore & Associates, a
leading advanced technology company, are collaborating to develop
innovative stenting solutions that incorporate key features of their
respective technologies (i.e., metal stents, polymer formulations, and
advanced delivery systems). Medinol may now utilize ARIAD's drug,
AP23573, with these combined technologies. Gore's unique technology in
the polymer and biocompatible polymer areas should contribute to the
design and development of the polymer layer used to control the
release of the drug from the stent and to the optimization of the
delivery system that will allow easy and safe use of the new system in
all desired vascular sites. Medinol's stents are also marketed and
distributed worldwide by Gore.

    About Restenosis and Drug-delivery Stents

    Restenosis is a reblockage of an artery at the same site where a
treatment, such as a balloon angioplasty and/or a stent procedure, has
already taken place. In patients who have undergone stent-assisted
angioplasty, restenosis within and around the metal stent is likely to
occur in approximately 15 to 30% of such patients, depending on the
stent design and underlying disease features. The main reason for such
reblockage is the overgrowth of tissue (similar to "scar tissue") that
may cause narrowing of the vessel and further constriction. Stents
that release a medication (e.g., sirolimus or paclitaxel) have been
shown to reduce the extent of tissue overgrowth, lower the incidence
of reblockage, and result in better clinical outcomes.

    About AP23573

    The small molecule drug, AP23573, starves cancer cells and shrinks
tumors by inhibiting the cell-signaling protein, mTOR, which regulates
the response of tumor cells to nutrients and growth factors, and
controls tumor blood supply and angiogenesis through effects on
Vascular Endothelial Growth Factor (VEGF). AP23573 also blocks the
proliferation and migration of vascular smooth muscle cells, the
primary cause of narrowing and reblockage of injured arteries, and is
an analog of sirolimus, another mTOR inhibitor that has been approved
for use on drug-eluting stents. AP23573 is currently in Phase 2
clinical development in patients with solid tumors and hematologic
cancers.

    About Medinol

    Medinol, Ltd. is a global leader in the field of stents and
stenting systems with a vast and significant portfolio of intellectual
property. Medinol has developed a unique approach to the design and
manufacture of an extensive product pipeline. Its new-generation
stents reflect the company's uncompromising commitment to continuous
innovation, unique product design and top-quality product. Medinol's
stent technology, with its advantageous features in the uniformity of
strut distribution, provides for an optimal drug-delivery platform by
increasing the uniformity of drug concentrations in tissues. Medinol,
founded in 1992, is privately held and headquartered in Tel Aviv,
Israel. Additional information about Medinol can be found on the web
at http://www.medinol.com.

    About Gore

    Gore is a leading manufacturer of thousands of advanced technology
products for the electronics, industrial, fabrics and medical markets.
The Gore Medical Products Division provides creative healing solutions
to complex medical problems. Gore Medical provides such products as
synthetic vascular grafts, interventional devices, surgical meshes for
hernia repair, and sutures for use in vascular, cardiac, general
surgery and orthopedic procedures. With more than 10 million implants,
these devices have been saving and improving the quality of lives
worldwide for nearly thirty years. Additional information about Gore
can be found on the web at www.goremedical.com.

    About ARIAD

    ARIAD is engaged in the discovery and development of breakthrough
medicines to treat cancer by regulating cell signaling with small
molecules. The Company is developing a comprehensive approach to
patients with cancer that addresses the greatest medical need -
aggressive and advanced-stage cancers for which current treatments are
inadequate. Medinol, Ltd. also is developing stents and other medical
devices that deliver ARIAD's lead cancer product candidate to prevent
reblockage at sites of vascular injury following stent-assisted
angioplasty. ARIAD has an exclusive license to pioneering technology
and patents related to certain NF-(kappa)B treatment methods, and the
discovery and development of drugs to regulate NF-(kappa)B
cell-signaling activity, which may be useful in treating certain
diseases. Additional information about ARIAD can be found on the web
at http://www.ariad.com.

    Some of the matters discussed herein are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are identified by the use of words
such as "anticipate," "estimate," "expect," "project," "intend,"
"plan," "believe," and other words and terms of similar meaning in
connection with any discussion of future operating or financial
performance. Such statements are based on management's current
expectations and are subject to certain factors, risks and
uncertainties that may cause actual results, outcome of events, timing
and performance to differ materially from those expressed or implied
by such forward-looking statements. These risks include, but are not
limited to, risks and uncertainties regarding the Company's ability to
accurately estimate the timing and actual research and development
expenses and other costs associated with the preclinical and clinical
development and manufacture of our product candidates, the adequacy of
our capital resources and the availability of additional funding,
risks and uncertainties regarding our ability to manufacture our
product candidates on a commercial scale or to supply our product
candidates to our collaborator for use in its product candidates,
risks and uncertainties regarding our and our collaborator's ability
to successfully enroll and conduct preclinical and clinical studies of
product candidates, including our product candidates to treat cancers
described in this release and our collaborator's medical device
product candidates to treat vascular disease, risks and uncertainties
that clinical trial results at any phase of development including
those described in this release may be adverse or may not be
predictive of future results or lead to regulatory approval of any of
our or our collaborator's product candidates, risks and uncertainties
of third-party intellectual property claims relating to our and our
collaborator's product candidates, and risks and uncertainties
relating to regulatory oversight, the timing, scope, cost and outcome
of legal proceedings, including litigation concerning our NF-(kappa)B
patent portfolio, future capital needs, key employees, dependence on
our collaborators and manufacturers, markets, economic conditions,
products, services, prices, reimbursement rates, competition and other
risks detailed in the Company's public filings with the Securities and
Exchange Commission, including ARIAD's Annual Report on Form 10-K for
the fiscal year ended December 31, 2003. The information contained in
this document is believed to be current as of the date of original
issue. The Company does not intend to update any of the
forward-looking statements after the date of this document to conform
these statements to actual results or to changes in the Company's
expectations, except as required by law.

    CONTACT: ARIAD Pharmaceuticals, Inc.
             Kelly Lindenboom, 617-621-2345