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Phenomix withdraws IPO registration and signs deal with Forest

This article was originally published in Scrip

Executive Summary

Phenomix Corporation is withdrawing an IPO registration filed with the US Securities and Exchange Commission in January as a result of tough market conditions (ScripOnline, February 2nd, 2008). Meanwhile, it says it is to develop and commercialise its proprietary DDP-4 inhibitor dutogliptin (PHX1149), in Phase III trials for type 2 diabetes, with Forest Laboratories. Forest will pay Phenomix $75 million up front and the two companies will develop and commercialise the product in the US and will equally share profits and expenses. Phenomix could receive up to $340 million in up-front and milestone payments for the successful development and commercialisation of dutogliptin in the US. Upon commercialisation, they will co-promote the product there. Phenomix will promote the drug to endocrinologists and diabetologists and Forest to primary care and specialists. Forest has exclusive rights to develop and commercialise dutogliptin in Canada and Mexico, for which Phenomix will receive a royalty on sales in exchange for the rights to use jointly funded trial data in those countries. Phenomix retains development and commercialisation rights to the product outside North America, and will pay Forest a royalty on net sales. The composition-of-matter patent covering dutogliptin runs until 2024 and is subject to extension.

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