ArQule Snags $60M From Daiichi Sankyo

12/19/08Follow @xconomy

ArQule, a Woburn, MA-based cancer drug developer, said today it will receive a $60 million payment through a partnership with Tokyo-based Daiichi Sankyo. The companies will co-develop ARQ-197, a drug designed to block a target on cancer cells called c-Met. Separately, ArQule (NASDAQ: ARQL) said Swiss pharma giant Roche declined an option to develop another drug, called ARQ-761.

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