SCYNEXIS amends GSK license after BREXAFEMME recall; milestone payments cut

SCYNEXIS INC

Binding MOU amends March 2023 license after beta-lactam contamination risk triggered BREXAFEMME recall and clinical hold.
Regulatory milestone cap reduced to $49M (from $70M); commercial milestone cap to $57.5M (from $115M).
Sales milestone caps lowered to $179.5M/$169.75M/$145.5M (from $242.5M), depending on relaunch date.
Up to $72.35M in development milestones, including $30M for MARIO study resumption after clinical hold lifted.
GSK already paid $90M upfront and $25M development milestone; royalty rates unchanged (mid-single to mid-teen).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SCYNEXIS INC amended Binding Memorandum of Understanding for Amendment to License Agreement with GlaxoSmithKline Intellectual Property (No. 3) Limited (effective 2023-12-26).

Action: amendment
Agreement: license
Counterparty: GlaxoSmithKline Intellectual Property (No. 3) Limited
Effective: 2023-12-26

Exact text from the filing

On December 26, 2023, SCYNEXIS, Inc. (“SCYNEXIS”) and GlaxoSmithKline Intellectual Property (No. 3) Limited (“GSK”) entered into a binding memorandum of understanding (“Binding MOU”) for amendment to the exclusive license agreement between SCYNEXIS and GSK, dated March 30, 2023

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Source: SEC EDGAR

accession 0000950170-24-000238

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