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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