SCYX - SCYNEXIS jumps 92% on licensing deal with GSK for anti-fungal agent
2023-03-30 07:40:40 ET
- GSK ( NYSE: GSK ) and New Jersey-based biotech SCYNEXIS ( NASDAQ: SCYX ) announced an exclusive license agreement on Thursday for Brexafemme (ibrexafungerp tablets), an FDA-approved treatment for certain fungal infections.
- In the pre-market, SCYX shares jumped ~92% in reaction after a brief trading halt.
- Per the terms, GSK ( GSK ) wins exclusive rights to commercialize Brexafemme for its FDA-approved indications, vulvovaginal candidiasis (VVC) and recurrent VVC (RVVC).
- The British drugmaker will also join SCYNEXIS ( SCYX ) in the Phase 3 development of ibrexafungerp for invasive candidiasis (IC).
- GSK will hold an exclusive license to develop ibrexafungerp and commercialize Brexafemme globally except in greater China and several other countries where SCYX has already licensed the drug for other parties.
- In return, SCYX will receive $90M as an upfront payment in addition to $503M worth of milestone-based payments. The company will be entitled to sales-based milestone payments worth up to $242.5M and mid-single digit to mid- teen digit tiered royalties.
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SCYNEXIS jumps 92% on licensing deal with GSK for anti-fungal agent