FILE PHOTO: A logo of Sanofi is pictured during the company’s shareholders meeting in Paris, France, April 30, 2019. REUTERS/Benoit Tessier
(Reuters) – French drugmaker Sanofi SA said on Friday it had terminated its partnership with Lexicon Pharmaceuticals Inc to develop and manufacture a drug for use with insulin in patients with type 1 and type 2 diabetes.
Lexicon shares fell nearly 40% in extended trading.
Sanofi said the termination of the partnership comes after the results of a late stage study of the drug, sotagliflozin.
However, trials of the drug will continue without Lexicon, Sanofi said. [nGNX6l9qVW]
Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva