GSK Bets On Scynexis' FDA-Approved Antifungal Drug For Over $500M In Bio Bucks
GSK plc (NYSE: GSK) and Scynexis Inc (NASDAQ: SCYX) have entered into an exclusive license agreement for Brexafemme (ibrexafungerp tablets).
The FDA approved the antifungal for vulvovaginal candidiasis (VVC) and reduced the incidence of recurrent VVC (RVVC).
This exclusive agreement gives GSK rights to commercialize Brexafemme for VVC and RVVC while continuing to develop ibrexafungerp, which is in phase 3 trials for potentially treating invasive candidiasis (IC), which affects the blood or internal organs.
Scynexis has been looking for a partner after it said last October that it was winding down promotional activities for the drug and announced workforce reduction.
Infectious diseases and HIV represent around two-thirds of GSK's pipeline. Brexafemme complements GSK's pipeline alongside late-stage antibiotics gepotidacin and tebipenem.
GSK will make an upfront payment to Scynexis of $90 million.
Scynexis is due to get $245.5 million in development, regulatory and commercial milestones there — with a separate $15 million tied to an FDA approval. Sales-related milestones add up to another $242.5 million.
Price Action: SCYX shares are up 64.70% at $2.75 on the last check Thursday.
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article GSK Bets On Scynexis' FDA-Approved Antifungal Drug For Over $500M In Bio Bucks originally appeared on Benzinga.com
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.