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Sanofi-Aventis is paying Wellstat Therapeutics up to $350 million to license the potential Type II diabetes drug PN2034.
The drug is in mid-stage development, and the deal will give Sanofi an exclusive worldwide license to develop, manufacture and market both it and related compounds.
Wellstat will receive cash upfront plus additional payments when certain commercial milestones are met, plus royalties on worldwide sales.
The company describes PN2034 as a new class of insulin sensitiser that acts especially in the liver to restore its capability to respond to insulin.
It “acts on a new target distinct from other known types of sensitisers”, and may not have the – currently approved – adverse side effect profile, which includes weight gain and oedema.
Copyright Press Association 2009