Intarcia Therapeutics said today it acquired former GlaxoSmithKline enteroendocrine discovery performance unit Phoundry Pharma for an undisclosed amount.
Intarcia said Phoundry’s portfolio of optimized peptides, specifically those focused on diabetes and obesity, would enhance its investigational ITCA 650 miniature osmotic pump for treating diabetes. The device is currently in phase 3 trials.
“Incredible progress with ITCA 650 and our 2 pipeline deals this year have transformed the strategic outlook for the company, and put us in a position to build on ITCA 650 and advance a potentially leading portfolio of disruptive once or twice yearly combo therapies in diabetes and obesity. We welcome the research team from Phoundry; both companies share a common vision that combination therapies of optimized peptides have the potential to mimic and extend the metabolic benefits and weight loss potential associated with bariatric surgery, all potentially delivered in our proprietary once or twice yearly mini-pumps. Phoundry’s team brings over 120 years of combined experience in peptide drug discovery and translational medicine insights that are invaluable to us in our target markets,” Intarcia CEO Kurt Graves said in a press release.
The purchase was funded through a combination of cash and stock, according to Intarcia, though it did not disclose any specific terms of the acquisition. Phoundry’s employees and headquarters will be kept on at Intarcia, the company said.
“We are excited about joining Intarcia, and combining our respective technologies. We’ve long held the belief that Intarcia’s continuous, zero order delivery platform is the ideal method for peptide administration. Combining our highly potent, selective and stable peptides with Intarcia’s ability to dial in the optimal dose for maximum efficacy, while eliminating regular self-injections with once or twice yearly administration, should set the stage for a number of novel, transformative medicines that can fundamentally change the standard of care and dramatically improve adherence with therapy over time,” CEO Paul Feldman said in prepared remarks.
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