Sanofi ends partnership with Lexicon to develop diabetes drug

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)