ArQule, Inc has signed a license, co-development and co-commercialization agreement with Daiichi Sankyo Co, Ltd to co-develop ARQ 197, the company's selective c-Met inhibitor, in the US, Europe, South America and the rest of the world, excluding Japan, China (including Hong Kong), South Korea and Taiwan, where Kyowa Hakko Kirin Co, Ltd has exclusive rights for development and commercialization. The definitive agreement supersedes the binding letter of intent announced on November 10, 2008 covering the same subject matter.

The company also announced the expiration of the waiting period under the Hart-Scott-Rodino Anti-Trust Improvements Act of 1976, thereby permitting consummation of the collaboration, including receipt of a $60 million cash up-front licensing payment from Daiichi Sankyo in connection therewith.

ArQule is a biotechnology company engaged in the research and development of next-generation, small-molecule cancer therapeutics.