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Article: ArQule Plans $25M Acquisition Of Cyclis To Build R&D Program.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
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Washington Editor
Through its planned $25 million purchase of Cyclis Pharmaceuticals Inc., ArQule Inc. will combine a biology-based program with its chemistry-focused technology to build its own research and development business.
Stephen Hill, ArQule's president and CEO, told BioWorld Today such a merger has been part of the company's long-term goals for quite some time. As part of the deal, ArQule, of Woburn, Mass., will acquire Cyclis' lead clinical candidate for cancer, CO-501, plus the Activated Checkpoint Therapy (ACT) used to develop the cancer candidate, and about 16 of Cyclis' 19 employees.
For Cyclis, of Norwood, Mass., the deal seems ...