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Phenomix, Forest Labs Ink $340M Deal

Phenomix, a San Diego-based drug developer, reports that it has partnered with New York-based pharmaceutical firm Forest Laboratories (NYSE:FRX) to jointly develop and commercialize Phenomix’ lead Type 2 diabetes drug dutogliptin. The deal—which comes on the heels of Phenomix nixing plans for an $86.25 million initial public offering this week—includes up to $340 million in payments from Forest to Phenomix, including an initial fee of $75 million.