SCYX - Scynexis earns $25M milestone from GSK over antifungal therapy
2023-06-21 12:15:22 ET
New Jersey-based biotech Scynexis ( NASDAQ: SCYX ) announced Wednesday that it achieved a performance-based milestone payment worth $25M from its partner GSK ( NYSE: GSK ) over its studies into antifungal agent ibrexafungerp.
The payment comes after the company reached a development goal in its Phase 3 MARIO study for the candidate in invasive candidiasis, a deadly fungal infection.
In March, GSK ( GSK ) signed an exclusive license agreement with Scynexis ( SCYX ) for ibrexafungerp, indicated in the U.S., for vulvovaginal candidiasis (VVC) and recurrent VVC (RVVC).
The global agreement covers regions excluding greater China and several other countries where SCYX has already licensed the drug for other parties.
Per the terms, SCYX is entitled to as much as $503M of potential milestone payments from GSK in addition to sales-based royalties and a $90M upfront payment.
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Scynexis earns $25M milestone from GSK over antifungal therapy