NEW YORK (AP) — Sanofi-Aventis is paying privately-held Wellstat Therapeutics Corp. up to $350 million under terms of a licensing deal for a potential diabetes drug, the companies said Wednesday. Wellstat is developing PN2034 as a potential Type II diabetes treatment. The drug is in midstage development. Under the deal, Sanofi-Aventis will receive an exclusive worldwide license to develop, manufacture and market the drug candidate and related compounds. Gaithersburg, Md.-based Wellstat will receive an upfront cash payment and will be eligible to receive development and regulatory milestones from Paris-based Sanofi-Aventis, for total proceeds of as much as $350 million. Wellstat also will receive payments when certain commercial milestones are met, along with royalties on worldwide product sales.