Lexicon Pharmaceuticals (NASDAQ:LXRX) has officially regained all rights to diabetes med Zynquista (sotagliflozin) after its collaboration agreement with Sanofi (NASDAQ:SNY) expired yesterday.
Under the terms of the settlement agreement, Sanofi agreed to pay Lexicon $260M, $208M upfront and the remaining $52M within 12 months.
The company will host a conference call today at 5:00 pm ET to discuss the matter.
Zynquista was approved in Europe in late August as an adjunct to insulin to improve blood sugar control in overweight adults with type 1 diabetes. The FDA rejected its marketing application in March after a split Ad Com vote.
Shares were up 21% today on more than double normal volume.
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