Poxel uses its expertise in metabolism to develop drugs for the treatment of disorders like type 2 diabetes. Its candidate imeglimin has caught the eye of the big healthcare company, Roivant, which will pay $35M (€28M) upfront and milestones that could reach up to $600M (€486M) to take control of the drug’s development and commercialization. With the candidate passing Phase II, the extra funds will help to support its Phase III study, which is underway in Japan and expected to begin in Europe and the US in 2019. The biotech, which IPO’ed for €27M back in 2015, has enjoyed a 23% spike in its stock price following the news this morning.
Swiss pharma Roivant has given French biotech Poxel €28M upfront to get involved with the development and commercialization of imeglimin, a new treatment for metabolic disorders like type 2 diabetes.