Biotech, cancer, deals

ArQule Snags $60M From Daiichi Sankyo

Luke Timmerman 12/19/08

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.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.