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ARQL > SEC Filings for ARQL > Form 8-K on 1-Apr-2013All Recent SEC Filings

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Form 8-K for ARQULE INC


Termination of a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.02 Termination of a Material Definitive Agreement.

As previously reported, on November 10, 2011, ArQule, Inc. ("ArQule" or the "Registrant") announced that it entered into a license and co-commercialization agreement (the "License Agreement") with Daiichi Sankyo Co., Ltd. ("Daiichi Sankyo") to develop and commercialize ARQ 092, an inhibitor of the serine/threonine kinase, AKT, and certain backup compounds.

On March 26, 2013, ArQule received formal notice that Daiichi Sankyo had elected to exercise its right to terminate the License Agreement. Termination will be effective ninety days from receipt of the notice.

As a consequence of termination, worldwide rights for the development and commercialization of compounds covered under its AKT collaboration with Daiichi Sankyo including the lead compound emerging from this collaboration, ARQ 092, and associated research and clinical data will revert to the Registrant.

ArQule and Daiichi Sankyo will continue to collaborate to conduct research, clinical trials and the commercialization of tivantinib in human cancer indications in the U.S., Europe, South America and the rest of the world, excluding Japan, China (including Hong Kong), South Korea and Taiwan.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. 99.1 Text of press release announcing contract termination and reversion of development and commercialization rights dated April 1, 2013.

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