The SCYNEXIS Inc (NASDAQ: SCYX) stock price soared 91.6% after signing an exclusive agreement with GSK to commercialise and further develop Brexafemme (ibrexafungerp tablets), an FDA-approved treatment for vulvovaginal candidiasis, which complements GSK’s infectious disease portfolio.
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SCYNEXIS received an upfront payment of $90 million with future performance-based milestone payments and tiered royalties. Brexafemme (ibrexafungerp tablets) is an antifungal drug that treats vulvovaginal candidiasis (VVC) with a focus on reducing the incidence of recurrent VVC (RVVC).
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Brexafemme is an FDA-approved drug that is regarded as an industry-leading therapy. GSK has also agreed to continue developing ibrexafungerp in phase III clinical trials. The drug can potentially treat a life-threatening fungal infection called invasive candidiasis (IC).
Approximately 75% of women suffer from VVC at least once in their lifetimes, with 40-45% having two or more episodes of the disease. Brexafemme works uniquely since it kills the fungus, unlike other antifungals that simply inhibit the growth of fungus.
Brexafemme is the only oral antifungal US FDA-approved treatment for VVC and reducing RVVC. The drug also meets the growing need for new antifungals, given the growing resistance to existing antifungals due to their frequent and widespread use.
GSK has agreed to pay SCYNEXIS up to $503 million in additional milestone payments after the initial $90 million. GSK will also pay a further $245.5 million if it develops and commercialises ibrexafungerp to treat invasive candidiasis (IC).
David Angulo, M.D., SCYNEXIS’ President and CEO, said: “This agreement represents a major milestone for SCYNEXIS, maximising Brexafemme’s commercial potential in VVC and further validating our vision of the critical role for this first-in-class antifungal in invasive infections. We are thrilled to partner with GSK on this high-potential asset and will continue progressing ibrexafungerp’s phase III programme in invasive candidiasis (IC).”
Luke Miels, GSK’s Chief Commercial Officer, said: “The challenge of antimicrobial resistance includes increasing rates of multi-drug resistant fungal infections. Brexafemme is a novel, approved antifungal medicine with a broad spectrum of activity against existing and emerging resistant strains of fungi. In addition, the transaction consolidates GSK’s synergistic portfolio of innovative late-stage antibiotics.”
*This is not investment advice.
SCYNEXIS (SCYX) stock price.
The SCYNEXIS (SCYX) stock price soared 91.02% premarket to trade at $3.19, from Wednesday’s closing price of $1.67.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.