Wellstat Therapeutics And Sanofi-aventis Enter Agreement On Novel Therapy For Type II Diabetes
Wellstat Therapeutics Corporation and sanofi-aventis announced recently a global licensing agreement to develop, manufacture and commercialize PN2034, a first-in-class oral insulin sensitizer for the treatment of Type II diabetes. PN2034 was discovered by Wellstat and is currently in Phase II clinical trials to reverse insulin resistance in the liver of diabetic patients.
Under the agreement, sanofi-aventis will receive an exclusive worldwide license to develop, manufacture and commercialize PN2034 and related compounds. Wellstat will receive an upfront cash payment and will be eligible to receive development and regulatory milestones totaling as much as $350M. In addition, Wellstat will receive substantial payments when specified commercial milestones are met and will receive royalties on worldwide product sales.
David M. Wohlstadter, Vice President of Licensing and Business Development for Wellstat, commented, "Sanofi-aventis has a profound understanding of metabolic diseases, including diabetes, and their markets. The capabilities that sanofi-aventis brings to the continuing development of PN2034 promise to maximize the significant potential of this compound for patients needing new therapeutic options. This agreement further validates Wellstat's drug discovery, research and development proficiencies."
In addition to its novel compounds for diabetes and metabolic diseases, Wellstat Therapeutics has late-stage clinical programs in oncology and an extensive portfolio of earlier stage programs covering a range of therapeutic areas.
The license agreement is subject to antitrust clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
About Diabetes Mellitus
Diabetes is a chronic, widespread condition in which the body
does not produce or properly use insulin, the hormone needed to
transport glucose (sugar) from the blood into the cells of the body
for energy. More than 230 million people worldwide are living with
the disease, and this number is expected to rise to 350 million
within 20 years. It is estimated that nearly 24 million Americans
have diabetes, including an estimated 5.7 million who remain
undiagnosed. At the same time, about 40 percent of those
diagnosed are not achieving the blood-sugar-control target of
HbA1c <7 percent recommended by the American Diabetes
Association. The HbA1c test measures average blood glucose
levels over the past two- to three-month period.
About Wellstat
Wellstat Therapeutics Corporation is a privately-held
biopharmaceutical company located in Gaithersburg,
Maryland. Wellstat Therapeutics is committed to discovering,
developing and commercializing products that will provide new
and improved treatments for patients in the fields of oncology and
metabolic, neurometabolic and neurodegenerative
diseases. Wellstat Therapeutics is part of the Wellstat group of
companies. For more information, visit
http://www.wellstat.com
About sanofi-aventis
Sanofi-aventis, a leading global pharmaceutical company,
discovers, develops and distributes therapeutic solutions to
improve the lives of everyone. Sanofi-aventis is listed in Paris
and in New York.
SOURCE: Wellstat Therapeutics Corporation and sanofi-aventis