In a strategic switch, Sumitomo Dainippon bags rights to a PhIII diabetes drug from Poxel in $300M deal
The French metabolic experts at Poxel have reversed course on their planned solo development mission in Japan, lining up an Asian partner for their late-stage diabetes drug imeglimin.
Sumitomo Dainippon Pharma stepped up with a $42 million upfront, with promises of $24 million more for development milestones and about $233 million for hitting a slate of sales goals. In exchange they land marketing and development rights — they’ll be paying for the Phase III — in China, Japan and other key Asian countries.
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