Scynexis, GSK announce exclusive agreement to commercialize, develop Brexafemme

GSK (GSK) and SCYNEXIS (SCYX) announced they have entered into an exclusive license agreement for Brexafemme, a US FDA approved, first-in-class antifungal for the treatment of vulvovaginal candidiasis, VVC, and for reduction in the incidence of recurrent VVC, RVVC. This exclusive license agreement gives GSK rights to commercialise 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. Financial terms: Under the terms of the agreement, GSK will make an upfront payment to SCYNEXIS of $90M, plus additional potential milestone-based payments totalling $503M. GSK will pay up to $245.5M if specific development, regulatory, and commercial milestones associated with the IC indication are successfully completed. A further $15M milestone will be paid upon successful US FDA approval of an additional indication. GSK will pay sales-related milestone payments based on achieving a certain commercial performance of up to $242.5M, and mid-single digit to mid-teen digit tiered royalties on the totality of sales across all indications. GSK will also receive an exclusive license to develop ibrexafungerp and commercialise Brexafemme in all countries except the greater China region and certain other countries already out-licensed by SCYNEXIS to third parties. Under the license agreement, SCYNEXIS will continue executing the phase III programme 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.