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.
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.