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Sanofi is restructuring its Onduo diabetes-focussed joint venture with Verily, one of several moves the drugmaker is implementing as part of a recently announced strategy shift, reported the Boston Business Journal.
Sanofi and Google's life science subsidiary launched the start-up in 2016 to tackle type 2 diabetes with a virtual clinic consisting of an app, glucose monitoring devices and digital guidance from physicians.
According to Sanofi's year-end report, it launched a commercial pilot program last year, and it recently indicated that its "virtual diabetes clinic" now extends to every state in the continental US.
The companies had committed $500 million toward the venture when it launched, with each expected to contribute half. However, the news source said financial records show Sanofi has now funneled around $475 million in Onduo over the last three years.
Sanofi CEO Paul Hudson said the company had "over-invested" in the venture and will be restructuring its involvement with the start-up, remaining an investor, but no longer actively playing a role in Onduo operations.
Meanwhile, Onduo and Verily stated that Onduo is now "pursuing plans to expand the solution for use in chronic conditions beyond diabetes," but did not specify which diseases it will probe.
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