Roivant Sciences has announced that it has entered into a licensing partnership with Poxel to develop and commercialise the latter’s experimental drug imeglimin for a range of metabolic disorders including type 2 diabetes, in a deal worth potentially over $600 million.
The agreement covers the US, Europe, and all countries not already covered by Poxel’s existing contract with Sumitomo Dainippon Pharma in East and Southeast Asia. As part of the deal, Roivant will invest $15 million into Poxel, whilst also offering them an upfront payment of $35 million. Subject to developmental and regulatory milestones, Poxel is also entitled to future payments to the value of $600 million, as well as double-digit royalty sales.
Poxel will devote $25 million to develop imeglimin, while Roivant will handle commercialisation duties in the regions stipulated in the agreement.
“We are very pleased to partner with Roivant, an emerging leader in biopharma with proven commitment to developing innovative therapies in major disease areas. Roivant’s vision complements Poxel’s strategy of bringing novel treatments for type 2 diabetes and other metabolic disorders to patients,”
“This is a significant milestone for Poxel and for the development of imeglimin in the US, Europe, and other countries outside of the Asian markets where we have already partnered with Sumitomo Dainippon Pharma,” commented Thomas Kuhn, CEO of Poxel. “The imeglimin Phase 3 TIMES type 2 diabetes programme in Japan is underway with a target Japanese New Drug Application submission in 2020, and imeglimin is ready to advance into late-stage development in the US and Europe. 2018 will be a transformative year for Poxel as we advance the TIMES program in Japan, collaborate with Roivant on imeglimin, and increase our focus on our earlier-stage pipeline.”
Vivek Ramaswamy, Founder and CEO of Roivant Sciences, added: “We are pleased to have reached this agreement with Poxel as we continue our strategy of in-licensing late-stage development candidates in underserved therapeutic areas. This agreement represents the beginning of our focus on metabolic diseases and imeglimin, with its compelling and consistent data, will be a cornerstone programme. We are looking forward to rapidly advancing its development.”