Intarcia nabs GSK castoff Phoundry, beefs up diabetes pipeline

Just weeks after a group of castaways from the big GlaxoSmithKline ($GSK) reorg in North Carolina started their own biotech, Phoundry, focusing on establishing a pipeline of new peptide therapies, they've found a buyer for the company. Boston-based Intarcia says it is acquiring Phoundry with an eye to beefing up its work related to the ultra-extended-release diabetes therapy ITCA 650. Intarcia says the Phoundry buyout along with their recent collaboration with Numab will give them three added combination programs in the near-term. While new to the industry, Phoundry was built on 6 years of work as part of the Enteroendocrine Discovery Performance Unit of GlaxoSmithKline. "Incredible progress with ITCA 650 and our two pipeline deals this year have transformed the strategic outlook for the company, and put us in a position to build on ITCA 650 and advance a potentially leading portfolio of disruptive once or twice yearly combo therapies in diabetes and obesity," said Kurt Graves in a statement. Graves rarely passes up the chance to tout the company's prospects. Release

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