Maxim raised the firm’s price target on Scynexis to $10 from $7 and keeps a Buy rating on the shares. The analyst cites the company’s announcement of an exclusive agreement with GlaxoSmithKline (GSK) to commercialize Brexafemme, or ibrexafungerp, and further develop ibrexafungerp in additional indications, for which late-stage programs are currently ongoing. The deal brings in an upfront payment of $90M plus potential milestone payments and tiered royalties totaling up to $503M, and the news is a "significant positive" as it serves as further demonstration of management’s ability to execute, Maxim adds.
Published first on TheFly
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