HAYWARD, Calif.--(BUSINESS WIRE)--Aradigm Corporation (OTCBB:ARDM) (the “Company”) today announced that it has entered into a Stock Purchase Agreement providing for the issuance by the Company of 26 million shares of the Company’s common stock to Novo Nordisk A/S (“Novo Nordisk”) in a private placement as consideration for the termination of a promissory note in favor of Novo Nordisk under which approximately $9.1 million is currently outstanding, representing an effective price per share of $0.3505.
