ArQule, Japanese company enter licensing agreement

THE REGION

ArQule Inc., a maker of cancer therapies, entered into a licensing agreement with Kyowa Hakko Kogyo Co. to develop a cancer treatment for patients in Asia. The Woburn biotechnology company said Kyowa may pay as much as $123 million during the term of the agreement, including a $30 million upfront licensing payment. Kyowa will make payments to ArQule when certain undisclosed sales goals are reached. Kyowa will also pay for clinical development and marketing in Asia and give ArQule "double-digit royalties" based on net sales, according to the companies. (Bloomberg)

Bernard Cammarata, the former acting chief executive of discount retailer TJX Cos. Inc., earned compensation the company valued at $952,194 in 2006, according to a proxy statement with the Securities and Exchange Commission. Cammarata -- who now serves as chairman -- received a base salary of $911,539 from the company, which operates eight retail chains including T.J. Maxx and Marshalls. Since he was serving only as acting CEO, Cammarata did not receive a bonus, stock awards, or any nonequity incentive plan compensation. He did receive $40,655 in perks, including about $38,000 for use of a car and for taxes on that car, $2,750 of employer contributions or credits for a savings plan and less than $100 in company-paid amounts for life insurance. (AP)

Alma Lasers Ltd., an Israeli maker of equipment for treating cellulite, asked a Delaware judge to rule that it doesn't infringe nine US patents held by Thermage Inc., and that the patents aren't valid. Alma, a unit of Boston-based investment firm TA Associates, said it received a letter from Hayward, Calif.-based Thermage claiming that it "likely infringes" on patents for noninvasive skin-tightening with its Accent laser. Alma, with offices in Buffalo Grove, Ill., said in court papers it received US Food and Drug Administration approval for the Accent laser April 23. (Bloomberg)

The US Navy awarded a $59.1 million contract to a unit of Raytheon Co. for logistics support on a naval air and missile defense system. The St. Petersburg, Fla.-based Raytheon Network Centric Systems will work on the shipboard and airborne segments of the Cooperative Engagement Capability system. The company is expected to complete work by April 2012. (AP)

THE NATION

Dell Inc. founder Michael Dell, whose direct-to-consumer sales strategy created one of the world's top personal-computer makers, said new thinking is required as his company struggles to spark growth. "The direct model has been a revolution, but is not a religion," Dell wrote in an e-mail to employees. The message signals Dell may be reconsidering its strategy after Hewlett-Packard Co., which sells PCs through retailers, trounced Dell in the market for a third straight quarter. (Bloomberg)

Food and Drug Administration officials searched an Emporia, Kan., pet food plant run by Menu Foods and the Las Vegas offices of ChemNutra Inc., as part of an investigation into the widening recall of pet products, the companies said. Menu Foods made many of the more than 100 brands recalled since March 16 because of contamination by the chemical melamine. ChemNutra supplied Menu with wheat gluten, one of the two ingredients tainted by melamine. Both companies said they are cooperating with the probe. (AP)

Fitch Ratings dropped Boston Scientific Corp.'s outlook to "negative" from "stable" and downgraded several ratings, citing higher leverage from the Guidant buyout. . . . Risk and insurance services firm Marsh Inc., a unit of global professional services firm Marsh & McLennan Cos., which also owns Putnam Investments, said it formed a global real estate practice and named Jeffrey S. Alpaugh to lead it. . . . Cambridge business-process software company Pegasystems Inc. said a Nasdaq panel granted its request to stay the delisting of its stock if the company files its 2006 annual report by May 10. (Globe wire services)