Roivant to pay up to $625 million for late-stage diabetes asset
French biopharma Poxel (Euronext: POXEL) has seen a double-digit percentage increase in its share price on Monday after announcing news of a potentially lucrative deal with privately-held healthcare company Roivant Sciences.
The deal is a strategic development and license agreement to advance imeglimin, an investigational oral therapy which has been developed by Poxel for the potential treatment of type 2 diabetes, in the USA, Europe, and all other countries not covered by Poxel’s existing agreement in east and southeast Asia.
As part of the deal, Poxel will receive an upfront payment of $35 million, potential future development and regulatory milestone payments and sales-based sums of up to $600 million, and double-digit royalties on net sales.
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