GSK - GSK revises Scynexis licensing deal for antifungal agent

2024-01-03 09:00:11 ET

Scynexis ( NASDAQ: SCYX ) fell ~9% premarket Wednesday after disclosing that British drugmaker GSK ( GSK ) amended its license agreement for its antifungal drug Brexafemme (ibrexafungerp tablets).

The amendment relates to the recent product recall and the company's decision to temporarily pause clinical studies for ibrexafungerp due to the risk of a potential contaminant.

The agreement is revised "in connection with the delay in the commercialization of Brexafemme and further clinical development of ibrexafungerp associated with this event," the company said in a regulatory filing late Tuesday.

The amended deal indicates a drop in milestone payments Scynexis ( SCYX ) was set to receive from GSK ( GSK ). The royalty terms of the agreement were unchanged.

Per the original agreement in March, the Jersey City, New Jersey-based company received $90M upfront as GSK obtained marketing and development rights for ibrexafungerp globally, except in China and certain other countries.

Out of $503M worth of milestone-based payments, in June, it received $25M related to a development milestone.

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