Phenomix forges $191M pact for diabetes drug

San Diego-based Phenomix is getting a $28 million injection from Italy's Chiesi Farmaceutici in exchange for a commercialization deal for the diabetes drug dutogliptin (PHX1149) in Europe and several other countries including Brazil and Russia. The drug is a DPP-4 inhibitor currently undergoing Phase III clinical development in Type 2 diabetes mellitus.

Chiesi will provide the money in near-term cash and equity payments while committing to $163 million for the successful completion of development, regulatory and commercialization milestones. Phenomix and Forest Laboratories entered into a collaboration in late '08 to co-develop and co-promote dutogliptin in the United States. Forest also has exclusive rights to develop and commercialize dutogliptin in Canada and Mexico.

"Chiesi has a proven track record of development and commercial expertise in the primary care and cardiometabolic space and has the capabilities to bring dutogliptin to a much broader patient population," said CEO Laura Shawver.

- get Phenomix's release

Suggested Articles

Half of patients in an early trial of Allogene's off-the-shelf CAR-T cells for lymphoma who received a higher dose of its antibody ALLO-647 responded.

Takeda is tossing out a Shire pipeline med after it couldn't find a buyer.

Ipsen's new hire arrives at a company reeling from a torrent six months that have crushed hopes for its $1 billion bet on a rare disease drug.