Scynexis reports binding MOU with GSK for amendment to license agreement

In a regulatory filing, Scynexis (SCYX) disclosed that on December 26, 2023, the company and GlaxoSmithKline Intellectual Property Limited (GSK) entered into a binding memorandum of understanding for amendment to the exclusive license agreement between Scynexis and GSK, dated March 30, 2023. Pursuant to the terms of the License Agreement, Scynexis granted GSK an exclusive, even as to Scynexis and its affiliates, royalty-bearing, sublicensable license for the development, manufacture, and commercialization of ibrexafungerp, including the approved product BREXAFEMME, for all indications, in all countries other than Greater China and certain other countries already licensed to third parties. The License Agreement is being amended in connection with the delay in the commercialization of BREXAFEMME and further clinical development of ibrexafungerp associated with this event. Pursuant to the License Agreement, Scynexis has already received an upfront payment of $90M and a development milestone payment of $25M, the filing noted.