DOW JONES NEWSWIRES
ArQule Inc. (NASDAQ-NMS:ARQL) (ARQL) received a $3 million milestone payment from Kyowa Hakko Kogyo Co. (Tokyo:4151) (4151.TO) under the terms of an exclusive license agreement signed between the two companies in April.
The payment marks the start of a Phase 1 trial by Kyowa for ARQ 197 selective inhibitor of the c-Met receptor tyrosine kinase.
ArQule (NASDAQ-NMS:ARQL) , a Woburn, Mass. biotechnology company, said the agreement includes $ 123 million in upfront and potential development milestone payments from Kyowa to ArQule (NASDAQ-NMS:ARQL) , of which ArQule (NASDAQ-NMS:ARQL) previously received $30 million cash for a licensing payment.
The agreement also grants ArQule (NASDAQ-NMS:ARQL) double-digit royalties from Kyowa on net sales of ARQ 197 in Japan, China, South Korea and Taiwan.
ArQule (NASDAQ-NMS:ARQL) retains proprietary rights of ARQ 197 in the rest of the world.
-Katherine Wegert; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires 02-06-08 1037 Copyright (c) 2008 Dow Jones & Company, Inc.
