Poxel regains imeglimin rights from Metavant

French metabolic diseases biotech company Poxel (Euronext: POXEL) has announced that, as part of the previously communicated decision by Metavant not to advance imeglimin into a Phase III program for strategic reasons, its partnership agreement with Metavant will be terminated, effective January 31, 2021.

Metavant will return all rights to imeglimin to Poxel, as well as all data, materials, and information, including US Food and Drug Administration regulatory filings, related to the program. Metavant is not entitled to any payment from Poxel as part of the return of the program.

As part of a 2018 deal for imeglimin with Roivant, the parent company of Metavant, Poxel received an upfront payment of $35 million, became eligible for potential future development and regulatory milestone payments and sales-based sums of up to $600 million, and double-digit royalties on net sales.