News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

GENFIT Corp. (ALGFT) Signs Drug Deal with Sanofi-Aventis (France) (SASY.PA), Shares Surge; Milestone Fees Could be as Much as $54.5 Million


3/17/2011 7:08:46 AM

Lille, France, and Cambridge, Mass., March 17th, 2011 - GENFIT (Alternext: ALGFT; ISIN: FR0004163111), a biopharmaceutical company at the forefront of drug discovery and development, focused on the early diagnosis and preventive treatment of cardiometabolic and associated disorders, today announced that it has signed a new contract with SANOFI-AVENTIS for the research and development of new drugs for the treatment of metabolic disorders.

Through this agreement, SANOFI-AVENTIS obtains the exclusive worldwide rights to develop and commercialize molecules resulting from the research collaboration. In exchange, GENFIT will receive annual payments and could receive additional milestone payments according to the progress of the development, registration, and commercialization of the resulting products.

Within this research program, GENFIT will collaborate with SANOFI-AVENTIS to identify molecules that aim to correct the mitochondrial dysfunction associated with certain pathologies including metabolic diseases. Indeed, based on clinical observations, the cellular mechanisms that regulate energy production under normal conditions, and their capacity to adapt to stress, may have therapeutic potential in such disorders.

Jean-Fran├žois Mouney, Chairman of GENFIT's Management Board, declared: "We are very pleased to pursue our alliance with SANOFI-AVENTIS after more than 10 years of collaboration. We are particularly proud of the new risk-sharing aspect of the collaboration, demonstrating the strong commitment of both parties. The combination of GENFIT's expertise and technological platforms, together with the experience of SANOFI-AVENTIS in R&D and drug commercialization, offers extremely interesting perspectives for our collaborative research program."

According to the terms of the alliance, GENFIT will receive annual payments to fund research within the collaboration, in addition to milestone payments according to the progress of preclinical and clinical development, and the subsequent registration and commercialization of resulting products. The total of these milestone payments could reach $54.5 million (39 million Euros). GENFIT will also receive royalties from future sales of products developed by SANOFI-AVENTIS that result from the collaboration.

About GENFIT:

GENFIT is a biopharmaceutical company focused on the Discovery and Development of drug candidates in therapeutic fields linked to cardiometabolic disorders (prediabetes/diabetes, atherosclerosis, dyslipidemia, inflammatory diseases.). GENFIT uses a multi-pronged approach based on early diagnosis, preventive solutions, and therapeutic treatments and advances therapeutic research programs, either independently or in partnership with leading pharmaceutical companies (SANOFI-AVENTIS, SERVIER, .), to address these major public health concerns and their unmet medical needs.

GENFIT's research programs have resulted in the creation of a rich and diversified pipeline of drug candidates at different stages of development, including GENFIT's lead proprietary compound, GFT505, that is currently in Phase II. With facilities in Lille, France, and Cambridge, MA (USA), the Company has approximately 100 employees. GENFIT is a public company listed on the Alternext trading market by Euronext(TM) Paris (Alternext: ALGFT; ISIN: FR0004163111). www.genfit.com


Read at Reuters
Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES