SCYNEXIS, Inc. announced the achievement of a $25 million performance-based development milestone under its exclusive license agreement with GSK for ibrexafungerp. The milestone payment follows a development goal for the Phase 3 MARIO study for ibrexafungerp in invasive candidiasis as SCYNEXIS continues executing ongoing ibrexafungerp trials.
“We are pleased to achieve this development milestone, which reflects the progress we continue to make in advancing the MARIO trial,” said David Angulo, M.D., President and Chief Executive Officer of SCYNEXIS. “As dangerous antifungal threats continue to emerge, there is a pressing need for new oral step-down agents to address invasive candidiasis. We remain committed to developing innovative solutions that may transform the treatment of fungal infections.”
This exclusive license agreement gives GSK rights to commercialize BREXAFEMME (ibrexafungerp tablets) for VVC and RVVC while continuing to develop ibrexafungerp, which is in phase 3 clinical trials for the potential treatment of invasive candidiasis (IC), a life-threatening fungal infection, in all countries except the greater China region and certain other countries already out-licensed by SCYNEXIS to third parties. Under the agreement, SCYNEXIS received a $90 million upfront payment and is eligible for additional potential milestone-based payments totaling up to $503 million. GSK will also pay mid-single digit to mid-teen digit tiered royalties on the totality of sales across all indications. Including the payment announced above, SCYNEXIS has achieved $115 million in upfront and milestone payments during the exclusive license agreement thus far.
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