ArQule: Strategy, reality diverge

Back-to-School Issue: The M&A game

Lesson: While it is good practice to be strategically rigorous in picking M&A moves, it’s important to keep in mind that strategic intent and actual market need may not turn out to be the same thing.

On a much smaller scale than Celltech, ArQule Inc. has tried to fit its M&A into a strategic context. The company, which started life based on combinatorial chemistry, began by prioritizing its most important needs - those that could only come through an acquisition. It then did a paper-based assessment of the universe of companies and met with many of the candidates to see if there was mutual interest, as well as scientific, financial and cultural fit.

In 2001, this process led to the acquisition of Camitro

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