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Date of report (Date of earliest event reported): December 2, 2020
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Item 1.01. Entry into a Material Definitive Agreement.
On December 2, 2020, SCYNEXIS, Inc. (“SCYNEXIS”) and Merck Sharp & Dohme Corp. (“Merck”) amended the License Agreement between SCYNEXIS, Inc. and Merck, dated May 24, 2013 (together with prior amendments, the "Agreement"). The amendment eliminates two cash milestone payments that SCYNEXIS would have paid to Merck upon:
First filing of a New Drug Application (NDA), triggered by the U.S. Food and Drug Administration’s (FDA) acceptance for filing of SCYNEXIS’s NDA for ibrexafungerp for the treatment of vulvovaginal candidiasis (VVC), and
First marketing approval in the U.S., anticipated in June 2021 for SCYNEXIS’s NDA for ibrexafungerp for the treatment of VVC.
Such cash milestone payments would have been creditable against future royalties owed to Merck on net sales of ibrexafungerp. With the amendment, these milestones will not be paid in cash and, accordingly, credits will not accrue. Pursuant to the amendment, SCYNEXIS will also forfeit the credits against future royalties that it had accrued from a prior milestone payment already paid to Merck. All other key terms of the Agreement are unchanged.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 8, 2020
/s/ Marco Taglietti
Marco Taglietti, M.D.
Chief Executive Officer