Intarcia acquires diabetes and obesity firm Phoundry Pharmaceuticals

Announcing its first ever M&A transaction, US biotech start-up Intarcia Therapeutics says it has acquired Phoundry Pharmaceuticals, a privately held biotechnology company based in Research Triangle Park, North Carolina.

Founded in 2015 after six years of work as part of the Enteroendocrine Discovery Performance Unit of UK pharma major GlaxoSmithKline (LSE: GSK), Phoundry Pharmaceuticals has created a portfolio of optimized peptides in various therapeutic categories, most notably diabetes and obesity.

Phoundry enhances Intarcia's internal efforts to build upon the differentiated clinical success of its Phase III investigational therapy, ITCA 650, the first injection-free GLP-1 therapy with the potential to deliver up to a full year of treatment from a single placement.