According to a statement from Roivant Sciences, the development and licence agreement for imeglimin covers the U.S., Europe and all other countries not covered by Poxel’s existing agreement in East and Southeast Asia.
Under the terms of the agreement, Roivant Sciences will make an upfront payment of $35 million to Poxel, with potential milestone payments and licence fees of up to $600 million. Roivant will also invest $15 million in Poxel.
Poxel developed imeglimin for the treatment of type 2 diabetes. The drug has already completed Phase 1 and Phase 2 development in clinical studies, and a Phase 3 study is set to begin in the U.S. and Europe next year. The two companies will work together to develop the drug, with Poxel contributing $25 million.
“We are pleased to have reached this agreement with Poxel as we continue our strategy of in-licensing late-stage development candidates in underserved therapeutic areas,” said Vivek Ramaswamy, founder and CEO of Roivant Sciences.
Thomas Kuhn, CEO of Poxel, praised its new partner for its “proven commitment to developing innovative therapies”, adding that “Roivant’s vision complements Poxel’s strategy of bringing novel treatments for type 2 diabetes and other metabolic disorders to patients”.