In 2008 the new CEO of Chiasma Inc. refocused the drug delivery company on product development with an eye to capturing more of the upside from the investment in its formulation technology. On Monday this week, the biotech was to announce its first big deal, partnering with Roche to develop an oral somatostatin analog formulated with the biotech's Transient Permeability Enhancer technology.

Roche is receiving exclusive, worldwide rights to Octreolin octreotide acetate in return for $65 million up front. The Israeli biotech is eligible for up to $530 in milestones, plus tiered, double-digit royalties.