Friday, October 24, 2008
Phenomix Gets $75M In Deal With Forest Labs
San Diego-based biopharmaceuticals firm Phenomix will receive $75M in an upfront payment, and up to $340M total, in a deal with Forest Laboratories, Inc., the firms said Thursday. According to the companies, they are in a definitive collaboration agreement to develop and commercialize dutogliptin, the small molecule drug for treating diabetes that Phenomix is developing. The move comes a day after Phenomix withdrew its IPO from the Nasdaq, citing market conditions. According to Phenomix and Forest Labs, the two will equally share profits and expenses, with Forest getting rights to develop and commercialize dutogliptin in Canada and Mexico, and Phenomix retaining rights to products outside North America.