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.
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