Pharmaceutical company make diabetes deal

Pharmaceutical company Sanofi-Aventis has made a major play for a diabetes drug developed by Wellstat Therapeutics . Sanofi have licensed a mid-stage diabetes drug from the smaller biotech firm.
The deal gives the French drug company worlwide exclusivity over the development, manufacture and commercialisation of PN2034. The diabetes drug will be the first in a class of oral insulin sensitiser. At this stage, the drug is in phase II trials and may one day be able to reverse insulin resistance in the liver of patients with diabetes .
Wellstat will receive substantial payment, including milestone payments, up to a sum of 350 million dollars. PN2034 will join current diabetes treatment Lantus amongst major Sanofi offerings. News does not relate when the diabetes drug will come before the Food and Drug Administration for review.