Daiichi Sankyo makes $10M down payment on cancer drug

Japanese drugmaker Daiichi Sankyo has taken the next step to license a kinase inhibitor dubbed ARQ 092 from U.S. drug developer ArQule ($ARQL), paying $10 million initially in the deal that could be worth as much as $265 million, Mass High Tech reported. Woburn, MA-based ArQule said that the drug is the first one stemming from its 2008 deal with Daiichi to use ArQule's technology to find small-molecule kinase inhibitors. The drug is expected to undergo initial testing in cancer patients in the coming months. Article