PARIS (30th October 2017) –Sumitomo Dainippon Pharma Co., Ltd and POXEL SA “Poxel” a biopharmaceutical company focused on the development of innovative treatments for metabolic disorders, including type 2 diabetes, has announced the signing of a strategic partnership for the development and commercialization of Imeglimin, an investigative therapeutic agent for type 2 diabetes, in Japan, China, South Korea, Taiwan and nine other Southeast Asian countries (Indonesia, Vietnam, Thailand, Malaysia, Philippines, Singapore; Burma, Cambodia and Laos).
The partnership enables Sumitomo Dainippon Pharma to add an innovative late-stage development product to its well established diabetes drug franchise in the fast-growing diabetes market in Japan. Poxel also gains a leading pharmaceutical partner for Imeglimin with an extensive track record in late-stage development and commercialization in Asia. Diabetes is a fast-growing market in Asia and Japan is the second largest single market for type 2 diabetes outside of the US.
Under the Agreement, Poxel is entitled to receive an upfront payment of approximately ￥4.75 billion (approximately €36 million, $42 million).
The Phase 3 program for Imeglimin in Japan will be a joint development effort between Poxel and Sumitomo Dainippon Pharma.
Sumitomo Dainippon Pharma will be responsible for costs associated with this program and will be responsible for the commercialization of Imeglimin in Japan. In China, South Korea, Taiwan and nine other Southeast Asian countries, Sumitomo Dainippon Pharma will be solely responsible for the development and commercialization of Imeglimin.
In addition, Poxel is entitled to receive future potential development milestone payments of up to ￥2.75 billion (approximately €21 million, $24 million), subject to the clinical development of Imeglimin. Furthermore, after launch, Poxel will receive escalating double-digit royalties on net sales and sales-based payments of up to ￥26.5 billion (approximately €198 million, $233 million) in accordance with sales goals.
McDermott Will & Emery advised Poxel. Key team members include Emmanuelle Trombe (Partner), Anthony Paronneau (Partner) in Paris and Christine Wahr in Boston.
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