Cidara Therapeutics Inc. granted Mundipharma International Ltd. rights to commercialize rezafungin for treating and preventing invasive fungal infections in a transaction valued at more than $568 million.
Rezafungin is a once-weekly therapy being developed for the initial treatment of candidemia, a bloodstream infection, and invasive candidiasis, an infection caused by yeasts. The medicine is also intended to prevent invasive fungal infections in patients undergoing allogeneic blood and marrow transplantation, for which no new therapies have been approved in over 13 years.
Under the deal's terms, Cidara will grant Cambridge, U.K.-based Mundipharma exclusive commercialization rights to rezafungin outside the U.S. and Japan. Cidara will receive a $30 million up-front payment, and Mundipharma will make a $9 million equity investment in Cidara.
San Diego-based Cidara will also receive an additional $42 million in near-term funding for late-stage studies, dubbed Restore and Respect, of rezafungin, and could receive development, regulatory and commercial milestone payments and double-digit royalties.
Cidara will continue to lead the ongoing global phase 3 development programs for rezafungin with the support of Mundipharma. The companies may expand the indications or formulations of rezafungin.
