Cidara Therapeutics divests rezafungin to Mundipharma

Cidara Therapeutics announced that it has entered into an asset purchase agreement with its current partner, Mundipharma, for the divestiture of rezafungin. Mundipharma currently has commercial rights to rezafungin outside the U.S. and Japan. Mundipharma purchased the assets in consideration of its assumption of the ongoing obligation to conduct and fund the ReSPECT Phase 3 clinical trial, the costs of the rezafungin patent portfolio and CMC and regulatory obligations. Cidara estimates that it will achieve approximately $128M in cost savings over the patent life of rezafungin comprised of approximately $67M in clinical development expense, including the cost of the potential upsizing of the ReSPECT trial and CMC costs over the next three years, and an additional approximately $61M in forecasted obligations through the expected patent life of rezafungin. Under the terms of the asset purchase agreement, all future royalties and milestones from Mundipharma and Melinta Therapeutics that were previously payable to Cidara, will transfer to Mundipharma. The purchased assets also include all rezafungin intellectual property rights, product data, regulatory approvals, rezafungin product and comparator inventory, specified prepaid assets and specified contracts. Prior to the sale, Mundipharma paid Cidara the $2.79M milestone that became payable for the approval of rezafungin acetate for the treatment of invasive candidiasis in adults by the United Kingdom Medicines and Healthcare products Regulatory Agency. Mundipharma also agreed to waive Cidara’s obligation to reimburse Mundipharma for a $11.15M milestone advance if Cidara completes transition services and the transfer of assets in accordance with the definitive agreements.