Key Takeaways
Poxel SA agreed to sell its experimental kidney disease drug, PXL770, to Scynexis Inc. for up to $196 million, securing an immediate $8 million cash payment and shifting its focus to other pipeline assets.
“We are excited about this transformative asset acquisition, strengthening our pipeline, and dedicating our development expertise and resources to tackle severe and rare diseases,” David Angulo, M.D., President and Chief Executive Officer of Scynexis, said in a statement.
The agreement includes an additional $188 million in potential payments to Poxel based on clinical, regulatory, and commercial milestones. These include $8 million tied to the initiation of Phase 2 and Phase 3 trials, and up to $180 million in commercial milestones, with $125 million of that contingent on the drug reaching or exceeding $1 billion in annual net sales.
The acquisition positions Scynexis to challenge the only approved therapy for autosomal dominant polycystic kidney disease (ADPKD), Jynarque, which generated approximately $1.5 billion in U.S. sales in 2024. To fund the development of the newly named SCY-770, Scynexis secured approximately $40 million in a private placement, which it estimates will fund operations into mid-2029.
SCY-770 is a first-in-class oral activator of AMP-activated protein kinase (AMPK), a novel mechanism designed to reduce the growth of kidney cysts that characterize ADPKD. The disease is the leading genetic cause of end-stage renal failure, affecting an estimated 140,000 patients in the U.S.
“Patients face a substantial lifelong burden, often requiring renal replacement therapy,” said Dr. Kenneth Hallows, a nephrology professor at the University of Vermont. “It is encouraging to see a new therapeutic candidate advancing in development, particularly one with a promising MOA that has the potential to deliver a meaningful clinical benefit.”
Scynexis will initiate a Phase 2 proof-of-concept study in the fourth quarter of 2026, with an initial efficacy readout anticipated in the second half of 2027. The drug has already received Orphan Drug Designation from the U.S. Food and Drug Administration.
For Poxel, the divestment provides non-dilutive capital and aligns with its plan to focus on its other clinical assets, including TWYMEEG for type 2 diabetes and PXL065 for metabolic dysfunction-associated steatohepatitis (MASH).
The deal provides Poxel with non-dilutive funding to advance its MASH and diabetes pipeline. For Scynexis, the acquisition marks a strategic pivot into a significant rare disease market, with the first efficacy data for SCY-770 expected in the second half of 2027.
This article is for informational purposes only and does not constitute investment advice.
