Basilea gains rights to ArQule's derazantinib
ArQule Inc. (NASDAQ:ARQL) shares rose $0.46 (17%) to $3.16 on Tuesday after it granted Basilea Pharmaceutica Ltd. (SIX:BSLN) exclusive rights to develop and commercialize derazantinib (ARQ 087) outside of Taiwan and China, including Hong Kong and Macau. Derazantinib is a pan-fibroblast growth factor (FGF) receptor (FGFR) inhibitor.
ArQule will receive $10 million up front and is eligible for $326 million in regulatory and commercial milestones, plus staggered single- to double-digit royalties. ArQule said it will present additional deal details and updated financial guidance on a conference call Wednesday morning...