Scynexis entered into an exclusive agreement with GSK for Brexafemme (ibrexafungerp), a U.S. FDA approved antifungal for the treatment of vaginal yeast infections and vulvovaginal candidiasis (VVC).

Under the terms of the global license agreement, GSK will pay Scynexis $90 million upfront, plus additional potential milestone-based payments, for a total of $593 million plus royalties.

The deal is expected to close by the end of Q2. The upfront payment will result in a cash runway of more than two years, according to Scynexis.

Ibrexafungerp, a derivative of the antifungal enfumafungin, first received FDA approval in September 2021 to treat vaginal yeast infections. In December 2022, the FDA approved the antifungal drug for vulvovaginal candidiasis (VVC) and the reduction in the incidence of recurrent VVC.

Ibrexafungerp is in Phase III clinical trials for the treatment of invasive candidiasis (IC). Successful development of the therapy for this indication will trigger up to $245.5 million in payments from GSK.

Scynexis will retain rights to all other enfumafungin-derived assets. GSK has the right to be the first to engage in negotiation for these compounds as part of the new exclusive agreement.

David Angulo, CEO Scynexis said during an investor call, that he hopes the partnership will lead to the approval of ibrexafungerp for HAIs as part of the future approved indications of the antifungal treatment, leading to additional milestone payments.

He added that GSK is “fully committed to the continued development of ibrexafungerp for the hospital-setting indication, and that’s exactly what was very exciting to us in this partnership because we consider that this will maximize the potential of ibrexafungerp as a whole molecule.”