February 12, 2018 / 7:12 AM / 5 months ago

BRIEF-Poxel And ‍Roivant Announce Strategic Agreement For Development And Commercialization Of Imeglimin

Feb 12 (Reuters) - POXEL SA:

* ‍ROIVANT AND POXEL ANNOUNCE STRATEGIC AGREEMENT FOR DEVELOPMENT AND COMMERCIALIZATION OF IMEGLIMIN IN U.S., EUROPE, AND ADDITIONAL COUNTRIES WORLDWIDE​

* ‍ROIVANT TO CONCURRENTLY INVEST $15 MILLION (APPROXIMATELY EUR 12 MILLION) IN POXEL THROUGH SUBSCRIPTION TO NEWLY-ISSUED ORDINARY SHARES AT EUR 8.5 PER SHARE​

* ‍TO RECEIVE UPFRONT PAYMENT OF $35 MILLION​

* ‍POXEL TO CONTRIBUTE $25 MILLION (APPROXIMATELY EUR 20 MILLION) TO DEVELOPMENT PROGRAM​

* ‍ROIVANT WILL BE RESPONSIBLE FOR IMEGLIMIN’S DEVELOPMENT AND COMMERCIALIZATION IN U.S., EUROPE, AND OTHER COUNTRIES OUTSIDE OF POXEL’S PARTNERSHIP WITH SUMITOMO DAINIPPON PHARMA​

* ‍TO RECEIVE UPFRONT PAYMENT OF $35 MILLION, POTENTIAL FUTURE DEVELOPMENT AND REGULATORY MILESTONE PAYMENTS AND SALES-BASED PAYMENTS OF UP TO $600 MILLION, AND DOUBLE-DIGIT ROYALTIES ON NET SALES​

* ‍PARTIES WILL DECIDE ON A POTENTIAL CO-PROMOTION PRIOR TO COMMERCIALIZATION​

* ‍POXEL TO RECEIVE UPFRONT PAYMENT OF $35 MILLION, POTENTIAL FUTURE DEVELOPMENT AND REGULATORY MILESTONE PAYMENTS AND SALES-BASED PAYMENTS OF UP TO $600 MILLION, AND DOUBLE-DIGIT ROYALTIES ON NET SALES​

* SEES THE INITIATION OF PHASE 3 PROGRAM IN U.S. AND EUROPE IN 2019​ Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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