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Boston Business Journal September 9, 2003
Arqule caps $25M
buy of Cyclis Arqule Inc. of Woburn has finished its $25 million purchase of Norwood-based Cyclis Pharmaceuticals Inc., the company announced Tuesday. The deal takes Arqule, a chemistry services company based in Woburn, one step closer in its bid to evolve into a drug company. Arqule paid $5 million in cash and 4.6 million in common shares for Cyclis, a developer of cancer therapeutics, in a deal worth $25 million. But Arqule also acquired between $5 million and $6 million in Cyclis' debt and liabilities. Dr. Samuel Ackerman, Cyclis' president and CEO now becomes an adviser to Arqule. Ampersand Ventures in Wellesley had invested $5 million in Cyclis and was the company's majority owner. In a statement announcing the sale, Ampersand general partner Peter Parker said the combined company "could produce the next generation of targeted cancer therapies without the side effects of current treatments." Arqule stock traded
around $4.83 early on Sept. 9, down 21 cents. But the price is much
higher than the $3.82 closing and 9 percent drop on July 17, the day
the deal was first announced.
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