Shares of biotechnology company SCYNEXIS (NASDAQ:SCYX) have skyrocketed today after it announced an exclusive licensing deal with GlaxoSmithKline (NYSE:GSK) for brexafemme.
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Brexafemme is an already approved antifungal treatment for vuvovaginal candidiasis (VVC) and for lowering the recurrence of VVC (RVVC). Under the deal, GSK gets the rights to commercialize the treatment for VVC and RVVC and to develop it for the treatment of invasive candidiasis (IC).
SCYX gets an upfront payment of $90 million and stands to make a further $503 million in milestone payments. GSK can commercialize the drug in regions excluding Greater China and some countries where SCYX has already ou-licensed the treatment.
Additionally, SCYX has retained the rights to all other assets developed from enfumafungin. With today’s price gains, SCYX shares are now back to levels last seen in October 2022.
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