Vivek Ramaswamy’s Metavant hits a brick wall, abandoning a lead program for diabetes. And there’s nothing visible left to see here
Just a few years after Vivek Ramaswamy’s epic Alzheimer’s fail, another one of his startups is cutting its losses because of a high-risk endeavor — this time on the diabetes front — didn’t pan out.
Metavant, Ramaswamy’s biotech #7, has decided not to advance its lead candidate imeglimin into Phase III, instead of looking for a quick sell-off. If it doesn’t secure a deal within 60 days, the rights go back to Merck KGaA spinout Poxel, which licensed the drug to Roivant — the parent company to Ramaswamy’s suite of “vants” — back in 2018 for $50 million in cash and up to $600 million in milestones.
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