Edition:
United States

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


Monday, 30 Oct 2017 02:30am EDT 

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​.