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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Lexicon Pharmaceuticals, Inc.    LXRX

LEXICON PHARMACEUTICALS, INC.

(LXRX)
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Lexicon Pharmaceuticals : Sanofi to pay Lexicon $260 million for terminated partnership

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09/10/2019 | 04:54pm EDT
The logo of Sanofi is seen at the company's research and production centre in Vitry-sur-Seine,

(Reuters) - Lexicon Pharmaceuticals Inc said on Tuesday France's Sanofi will pay the drugmaker $260 million for the termination of their partnership to develop diabetes drug Zynquista.

Shares of Lexicon jumped 37.8% to $2.37 in after hours trading.

Under the terms of the settlement, Sanofi will pay $208 million upfront and the remainder within twelve months to Lexicon, which was eligible to receive up to $1.4 billion in milestone payments under the partnership.

The four-year partnership was terminated by Sanofi in July after the results of three late-stage studies of Zynquista, which is being developed as an add-on to insulin for diabetic patients.

Lexicon will regain global rights for the development and commercialization of Zynquista in both type 1 and type 2 diabetes, the company said in a statement.

The drug has been approved in the European Union for use in type 1 diabetic patients but failed to win U.S. approval in March, months after a panel of experts raised concerns of the risk of diabetic ketoacidosis (DKA).

DKA is a life-threatening condition in which acids called ketones build up when the body starts to use fat instead of glucose as a source of energy.

(Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shailesh Kuber)

Stocks mentioned in the article
ChangeLast1st jan.
LEXICON PHARMACEUTICALS, INC. 3.19% 3.56 Delayed Quote.-48.04%
SANOFI 2.33% 83.32 Real-time Quote.7.61%
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Financials (USD)
Sales 2019 126 M
EBIT 2019 -104 M
Net income 2019 -129 M
Debt 2019 180 M
Yield 2019 -
P/E ratio 2019 -2,93x
P/E ratio 2020 -2,53x
EV / Sales2019 4,44x
EV / Sales2020 5,49x
Capitalization 378 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 8,00  $
Last Close Price 3,56  $
Spread / Highest target 378%
Spread / Average Target 125%
Spread / Lowest Target -15,7%
EPS Revisions
Managers
NameTitle
Lonnel Coats President, Chief Executive Officer & Director
Raymond Debbane Chairman
Jeffrey L. Wade CFO, EVP-Corporate & Administrative Affairs
Pablo Lapuerta Chief Medical Officer & Executive Vice President
Frank P. Palantoni Independent Director
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