Phenomix cancels IPO, finds new lab partner
Biopharmaceuticals company Phenomix withdrew its filing to go public yesterday and right away announced a $340-million collaboration deal with Forest Laboratories. The IPO, intended to raise $86.3 million, had been pending since January.
Forest will aid the San Diego-based firm in the development of its diabetes treatment, dutogliptin, which is currently in its third phase of clinical trials. The deal represented $75 million for the company up front, with potentially more to come as the drug nears commercialization. The agreement gives Forest exclusive marketing rights in Canada and Mexico, while Phenomix reserves the rights to everything outside of North America.
Phenomix raised $73.3 million in a third round of venture capital earlier this year and $141 million total since its inception in 2002. Past backers have included Alta Partners, Baker Brothers Investments, Bay City Capital, CM Capital Investments, CMEA Ventures, Delphi Ventures, GBS Venture Partners, JP Morgan Partners, Nomura Phase IV Ventures, Novartis Venture Fund, Rothschild Bioscience Managers, Sofinnova Ventures and Versant Ventures.
Next Story: Hacker finds a security hole in the Google Android software on the T-Mobile G1
Previous Story: Blackberry awards $150K to three mobile apps
About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.