SCYX Scynexis Inc

By Chris Wack

Scynexis Inc. shares were up 60% to $2.67 after the company said it has entered into an exclusive licence agreement for Brexafemme ibrexafungerp tablets with GSK Plc.

Brexafemme is a U.S. Food and Drug Administration approved, first-in-class antifungal for the treatment of vulvovaginal candidiasis and for reduction in the incidence of recurrent VVC.

This exclusive licence agreement gives GSK rights to commercialize Brexafemme for VVC and RVVC, while continuing to develop ibrexafungerp, which is in phase III clinical trials for the potential treatment of invasive candidiasis, a life-threatening fungal infection.

Under the terms of the agreement, GSK will make an upfront payment to Scynexis of $90 million, plus additional potential milestone-based payments totalling $503 million.

GSK will pay up to $245.5 million if specific development, regulatory, and commercial milestones associated with the IC indication are successfully completed. A further $15 million milestone will be paid upon successful FDA approval of an additional indication.

GSK will pay sales-related milestone payments based on achieving a certain commercial performance of up to $242.5 million, and mid-single digit to mid-teen digit tiered royalties on the totality of sales across all indications.

GSK will also receive an exclusive licence to develop ibrexafungerp and commercialize Brexafemme in all countries except the greater China region and certain other countries already out-licensed by Scynexis to third parties. Under the licence agreement, Scynexis will continue executing the phase III program for IC and other ongoing trials.

Scynexis retains rights to all other assets derived from enfumafungin. As part of this exclusive licence agreement, GSK has been granted a right of first negotiation to these compounds.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

March 30, 2023 10:28 ET (14:28 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.