ARQL NEWS w/PFIZER.
Wednesday July 21, 7:00 am Eastern Time
Company Press Release
SOURCE: ArQule, Inc.
ArQule Announces Combinatorial Chemistry Partnership with Pfizer - Collaboration Worth Up to $117 Million -
MEDFORD, Mass., July 21 /PRNewswire/ -- ArQule, Inc. (Nasdaq: ARQL - news) announced today that it has signed a multi-year drug research and technology licensing partnership with Pfizer Inc. (NYSE: PFE - news). In this collaboration, ArQule will devote designated technologies, scientists, and its AMAP(TM) Chemistry Operating System at its Medford, Massachusetts facility to generate compound libraries for Pfizer. ArQule can receive up to $117 million in total payments during the full 4.5-year term of the collaboration. ArQule also announced today second quarter 1999 financial results. Release available at: arqule.com.
(Photo: newscom.com newscom.com )
The agreement encompasses access to ArQule's combinatorial chemistry technology and services. Under the agreement, Pfizer will make an initial payment of $16 million for research funding and for the construction of an AMAP Chemistry Operating System dedicated exclusively to Pfizer projects at ArQule's Medford facility. ArQule will also receive payments of $20-27 million annually during the term of the collaboration and will begin providing compounds to Pfizer in the year 2000. Teams of ArQule and Pfizer scientists will work collaboratively on projects in a dedicated portion of ArQule's Medford facility. All compounds developed through this collaboration will be owned exclusively by Pfizer, and Pfizer will receive a non-exclusive license to the AMAP Chemistry Operating System technology.
Dr. Stephen A. Hill, ArQule President and CEO, stated: ''This partnership between ArQule and Pfizer combines the best of both worlds: the large-scale capabilities of a leading pharmaceutical company with the creativity and entrepreneurial attributes of a biotechnology company. We are enthusiastic about contributing to Pfizer's discovery efforts and look forward to working closely with them to achieve their objectives.''
Dr. Hill added: ''This collaboration encompasses many of the key components of ArQule's business strategy. The duration and scope of the agreement add to ArQule's financial security for the foreseeable future, and they facilitate our ability to reinvest in further developing and enhancing our technologies. We will continue to invest in the development of our core chemistry technologies to provide novel libraries for screening, to support lead optimization programs, to provide other creative products to meet the changing needs of our biotechnology and pharmaceutical partners, and to nurture a dynamic environment in which ArQule scientists can continue to innovate.''
John M. Sorvillo, Ph.D., ArQule Vice President of Business Development, noted: ''This recognition and acquisition of ArQule's technology by Pfizer, one of the world's premier pharmaceutical companies, demonstrates that ArQule's technology is at the cutting edge of chemistry-based drug discovery.''
In addition to the ArQule/Pfizer collaboration, which will remain at the Medford site, ArQule is currently building a new 130,000-square-foot drug discovery facility in Woburn, Massachusetts. This facility will also house ArQule's AMAP Chemistry Operating System and other drug discovery technologies, scientists and support staff. At this facility, ArQule will continue to provide its Mapping Array(TM), Directed Array(TM) and Custom Array(TM) products and provide state-of-the-art support for its current and future pharmaceutical and biotech collaborators.
ArQule, Inc. is a world leader in the use of high-throughput parallel combinatorial chemistry for drug discovery and other life science applications. The Company's AMAP Chemistry Operating System is a highly automated and integrated series of chemistry work stations designed to facilitate drug discovery by rapidly generating thousands of novel pure, single drug-like molecules. The Company's products include the Mapping Array(TM) program for screening compounds against biological targets, the Custom Array(TM) program for synthesis of compounds on a custom basis, and the Directed Array(TM) program for lead optimization. ArQule is building its business through a variety of collaborations in which partners gain access to ArQule products, services and technologies. ArQule's technologies are protected by nine U.S. and five international patents. ArQule's facilities are located in Medford, Waltham and Woburn, MA.
To access ArQule's 1999 Second Quarter Sales and Earnings Release also issued today:
arqule.com
fkpi.com
Statements in this press release that are not strictly historical are ''forward-looking'' statements as defined in the Private Securities Litigation Reform Act of 1995. The actual results may differ from those projected in the forward-looking statements due to risks and uncertainties that exist in ArQule's operations and business environment, described more fully in ArQule's Annual Report on Form 10-K for the year ended December 31, 1998 filed with the Securities and Exchange Commission.
SOURCE: ArQule, Inc.
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and News: ArQule Inc (Nasdaq:ARQL - news)
Pfizer Inc (NYSE:PFE - news)
Related News Categories: biotech, medical/pharmaceutical
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