ArQule (ARQL) Receives Milestone Payment from Wyeth (WYE)
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ArQule, Inc. (NASDAQ: ARQL) announced the receipt of a milestone payment from Wyeth (NYSE: WYE) in connection with the filing of an Investigational New Drug (IND) application by Wyeth to the U.S. Food and Drug Administration (FDA) related to a compound under development for Alzheimer's disease.
In connection with its former chemistry services business, ArQule has agreements with pharmaceutical collaborators such as Wyeth. Certain of the agreements include provisions for milestone and royalty payments in the event of development and commercialization of drugs derived from compounds provided to them by ArQule. [SM]
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