SCYNEXIS announced the acquisition of PXL‑770 from Poxel SA, renaming the asset SCY‑770. The deal includes an upfront payment of $8 million, up to $8 million in development milestones, and up to $180 million in commercial milestones, of which $125 million is tied to achieving $1 billion in annual net sales. The transaction is expected to close in Q4 2026, with a Phase 2 proof‑of‑concept study slated for Q4 2026 and early efficacy readouts anticipated in the second half of 2027.
SCY‑770 is an oral, direct AMPK activator that has completed eight clinical trials, has a favorable safety profile, and received FDA orphan drug designation. Patent protection extends to at least 2041. The acquisition expands SCYNEXIS’s pipeline into the rare‑disease space, complementing its antifungal platform that includes BREXAFEMME (licensed to GSK) and SCY‑247.
The deal provides Poxel SA with much‑needed capital amid liquidity challenges, while SCYNEXIS gains a high‑potential asset in a market dominated by Jynarque, which generated $1.5 billion in U.S. sales in 2024. The $125 million commercial milestone tied to $1 billion net sales reflects high expectations for SCY‑770’s commercial potential.
SCYNEXIS also announced a $40 million private placement expected to close around April 1 2026, to fund the SCY‑770 program and support ongoing operations. The company’s balance sheet remains strong, though margins are negative and its Altman Z‑Score falls in the distress zone, underscoring the importance of the new financing.
CEO David Angulo said, “We are excited about this transformative asset acquisition, strengthening our pipeline, and dedicating our development expertise and resources to tackle severe and rare diseases.” He added, “SCY‑770 is supported by a strong pre‑clinical data package and a novel differentiated MOA that targets multiple key drivers of ADPKD progression, positioning it as a promising candidate in a significant rare disease market with a high unmet need. Our near‑term priority is to efficiently advance SCY‑770 into a Phase 2 POC study later this year.”
The market reacted positively to the announcement, with analysts noting the strategic expansion into rare disease and the additional capital from the private placement as key catalysts for future growth.
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