Phenomix Partners with Forest Labs, After Canceling IPO
Phenomix Corp. has signed a collaboration deal with Forest Laboratories Inc. (NYSE: FRX), to develop and commercialize dutogliptin, Phenomix’ orally-administered DPP-4 inhibitor that is currently undergoing Phase 3 clinical trials in Type 2 diabetes mellitus. The entire deal could be worth $340 million for Phenomix, including a $75 million up-front cash payment. San Diego-based Phenomix earlier this week canceled an IPO, and has raised around $125 million in total VC funding since its 2001 founding, from firms like JPMorgan Partners (18% pre-IPO stake), Nomura Phase4 Ventures (15.8%), Delphi Ventures (11.1%), Alta Partners (9.8%), Sofinnova Ventures (9.8%), Novartis BioVenture Fund (9.1%), Baker Brothers (7.6%), Bay City Capital (6.5%), CMEA Ventures (5.8%) and GBS Venture Partners.
