Vivek Ramaswamy’s Metavant hits a brick wall, abandoning a lead program for diabetes. And there’s nothing visible left to see here

Metavant, Ramaswamy’s biotech #7, has decided not to advance its lead candidate imeglimin into Phase III, instead of looking for a quick sell-off. If it doesn’t secure a deal within 60 days, the rights go back to Merck KGaA spinout Poxel, which licensed the drug to Roivant — the parent company to Ramaswamy’s suite of “vants” —  back in 2018 for $50 million in cash and up to $600 million in milestones.