Boston biotechnology firm Intarcia said Thursday it acquired Phoundry Pharmaceuticals, a 7-month-old spin-out from GlaxoSmithKline, for an undisclosed sum.
Based in Research Triangle Park, Phoundry was spun out of GSK in February after 6 years of research-and-development in GSK’s Enteroendocrine Discovery Performance Unit, developing peptides for treatment of diabetes and obesity.
Intarcia is developing an implantable pump with a proprietary medication for Type II diabetes patients. The matchstick-sized osmotic pump is placed under the skin and can automatically deliver medications for up to a year. The 175-employee company was founded in 1997 and relaunched in 2006 with the mini-pump technology.
As a result of the Phoundry acquisition, Intarcia said it will add Phoundry’s peptides to its mini-pump medication as a combination therapy. Intarcia plans to submit its first application to the Food and Drug Administration and European regulators next year.
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Intarcia said it will retain all nine Phoundry employees in RTP and expects to double the newly acquired unit’s headcount over the next 12 to 18 months.