Benzinga | Feb 17, 2021 08:16AM EST

SCYNEXIS Announces Licensing Agreement And Partnership With Hansoh Pharma For Rights To Ibrexafungerp In Greater China; SCYNEXIS To Receive Up To $122M In Milestones With $10M Upfront And Low Double-Digit Royalties

* Hansoh Pharma, one of the largest biopharmaceutical companies in Greater China and in Asia, provides fully integrated R&D, manufacturing, and commercial capabilities to accelerate entry of ibrexafungerp in the global market

* SCYNEXIS to receive milestone payments of up to $122 million, with $10 million upfront, plus low double-digit royalty payments

* Deal provides non-dilutive funding and extends SCYNEXIS' cash runway into 2023 while preserving commercial rights in other regions

JERSEY CITY, N.J., Feb. 17, 2021 (GLOBE NEWSWIRE) -- SCYNEXIS, Inc. (NASDAQ:SCYX), a biotechnology company pioneering innovative medicines to overcome and prevent difficult-to-treat and drug-resistant infections, today announced it has entered into a licensing agreement and strategic partnership with Hansoh Pharmaceutical Group Company Limited, one of the leading biopharmaceutical companies in China. Under the terms of the agreement, Hansoh will obtain an exclusive license from SCYNEXIS to research, develop and commercialize ibrexafungerp in the Greater China region.

Ibrexafungerp is a first-in-class, broad-spectrum triterpenoid antifungal agent providing the therapeutic advantages of both intravenous and oral formulations. It is currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of vaginal yeast infections, and in late-stage development for multiple indications, including life-threatening fungal infections in hospitalized patients.

"We are excited and honored to partner with Hansoh Pharma given their strong experience in the infectious disease space and their exceptional development, manufacturing and commercial capabilities in Greater China," said Marco Taglietti, M.D., President and Chief Executive Officer of SCYNEXIS. "This agreement represents a major step forward for ibrexafungerp in the global market, as resistance to azoles grows and deadly fungal infections such as Candida auris continue to emerge worldwide. This partnership not only provides non-dilutive funding to our Company, but also further validates the potential of ibrexafungerp as a global antifungal franchise. We continue to seek other opportunities to monetize our global rights and leverage ibrexafungerp's long-lasting patent exclusivity."

Aifeng Lyu, Ph.D., President of Hansoh Pharma, added, "Antifungal resistance is on the rise, posing a global health threat, and with only three classes of antifungal drugs on the market, we recognize the urgent need for more effective antifungal therapies. We believe in ibrexafungerp's potential to address this need and we are confident that with our integrated R&D, manufacturing and commercial infrastructure, we can make ibrexafungerp a significant commercial success in Greater China. We look forward to working with SCYNEXIS to bring this novel and differentiated antifungal to patients in Greater China."

Under the terms of the agreement, Hansoh shall be responsible for the development, regulatory approval and commercialization of ibrexafungerp in Greater China. SCYNEXIS will receive a $10 million upfront payment and will also be eligible to receive up to $112 million in development and commercial milestones, plus low double-digit royalties on net product sales.