Roivant Sciences entered a licensing deal potentially worth over $600 million to develop Poxel's experimental oral drug imeglimin for the treatment of type 2 diabetes, the companies announced Monday. The agreement covers the US, Europe and all other countries not covered by Poxel's existing partnership in East and Southeast Asia with Sumitomo Dainippon Pharma.
Under the deal, Poxel will receive an upfront payment of $35 million, while Roivant will invest $15 million in the company. In addition, Poxel is entitled to receive potential future development and regulatory milestone payments and sales-based payments of up to $600 million linked to the successful clinical development and commercialisation of imeglimin. Further, Poxel will be entitled to double-digit royalties on net sales.
Poxel CEO Thomas Kuhn remarked "this is a significant milestone for Poxel and for the development of imeglimin in the US, Europe and other countries outside of the Asian markets." Kuhn noted that a late-stage study of the drug is under way in Japan, with a regulatory filing targeted in 2020. The executive added that imeglimin is "ready to advance into late-stage development in the US and Europe," with studies set to begin next year.
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The companies indicated that under the agreement, Poxel will contribute $25 million to the development programme for imeglimin, with Roivant responsible for the drug's development and commercialisation in the US, Europe and other countries outside of the deal with Sumitomo Dainippon.
Meanwhile, Vivek Ramaswamy, CEO of Roivant, said that the agreement with Poxel is "the beginning of our focus on metabolic diseases and imeglimin, with its compelling and consistent data, will be a cornerstone programme."
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