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Healthcare

BRIEF-Poxel and Sumitomo Dainippon Pharma in partnership to develop and sell Imeglimin in Asia

Oct 30 (Reuters) - POXEL SA:

* SUMITOMO DAINIPPON PHARMA AND POXEL ANNOUNCE STRATEGIC PARTNERSHIP FOR DEVELOPMENT AND COMMERCIALIZATION OF IMEGLIMIN, AN INVESTIGATIONAL THERAPEUTIC AGENT FOR TYPE 2 DIABETES, IN JAPAN, CHINA AND ELEVEN OTHER ASIAN COUNTRIES

* POXEL AND SUMITOMO DAINIPPON PHARMA TO JOINTLY DEVELOP IMEGLIMIN FOR TREATMENT OF TYPE 2 DIABETES IN JAPAN,

* SUMITOMO DAINIPPON PHARMA ASSUMES PHASE 3 AND COMMERCIALIZATION COSTS

* POXEL RECEIVES AN UPFRONT PAYMENT OF ¥4.75 BILLION (APPROXIMATELY EUR 36 MILLION, $42 MILLION)

* SUMITOMO DAINIPPON PHARMA SOLELY RESPONSIBLE FOR IMEGLIMIN IN CHINA, SOUTH KOREA, TAIWAN AND 9 OTHER SOUTHEAST ASIAN COUNTRIES

* PHASE 3 PROGRAM FOR IMEGLIMIN IN JAPAN ON TRACK TO BE INITIATED IN Q4 OF CY 2017

* RECEIVES FUTURE POTENTIAL DEVELOPMENT MILESTONE PAYMENTS AND SALES-BASED PAYMENTS OF UP TO ¥29.25 BILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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