Building on Innovation at Wellstat
GAITHERSBURG, Md.--(Business Wire)--
Wellstat Therapeutics Corporation and sanofi-aventis (EURONEXT: SAN)(NYSE: SNY)
announced today 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
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 $350 million. 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.
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, please visit the website
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 (EURONEXT: SAN) and in New York (NYSE: SNY).
Feinstein Kean Healthcare
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