Island Pharmaceuticals Acquires Galidesivir Antiviral Program from BioCryst Pharmaceuticals

Island Pharmaceuticals has acquired Galidesivir antiviral program from Biocryst Pharmaceuticals. Biocryst is a biotechnology company focused on rare diseases, with marketed products including ORLADEYO for hereditary angioedema and RAPIVAB for acute uncomplicated influenza. The Galidesivir program targets complement-mediated diseases.

Island Pharmaceuticals Ltd (ASX: ILA), an Australian company focused on antiviral drug development, has announced the acquisition of the Galidesivir antiviral program from BioCryst Pharmaceuticals Inc. The acquisition was formalized through an asset purchase agreement, following positive due diligence and an earlier option agreement [1].

Galidesivir is a broad-acting antiviral molecule with a history of development and over US$70 million in R&D funding from the U.S. government. Island Pharmaceuticals intends to prioritize its application for the treatment of Marburg virus. The company aims to potentially leverage the FDA’s Animal Rule for regulatory approval, which could allow for approval based on animal efficacy data, potentially requiring only one additional successful animal study in Marburg before a New Drug Application [1].

According to Island Pharma, a successful animal study could provide access to a Priority Review Voucher, which have recently been valued between US$100-150 million. The acquisition’s base purchase price was US$550,000, inclusive of an option fee. Further payments include US$500,000 upon completion of Phase 2 clinical trial, US$1 million upon approval of New Drug Application in US or equivalent, or US$1.5 million upon Animal Rule approval. Tiered royalties of 5-10% of Net Sales and 25% of proceeds from sale of any Priority Review Voucher awarded due to FDA approval of the acquired program are also included [1].

Island Pharmaceuticals Chairman, Jason Carroll, stated that the acquisition is transformational for the company. CEO and Managing Director, Dr. David Foster, and Chairman, Mr. Jason Carroll, are scheduled to host an investor webinar today to discuss the strategic rationale for the acquisition. Interested parties can register via the provided link [1].

BioCryst Pharmaceuticals, Inc., a biotechnology company, develops oral small-molecule and protein therapeutics to treat rare diseases. The company markets peramivir injection, an intravenous neuraminidase inhibitor for the treatment of acute uncomplicated influenza under the RAPIVAB, RAPIACTA, and PERAMIFLU names; and ORLADEYO, an oral serine protease inhibitor to treat hereditary angioedema. BioCryst Pharmaceuticals also develops BCX10013, an oral factor D inhibitor for complement-mediated diseases [3].

The Galidesivir program targets complement-mediated diseases, which aligns with BioCryst Pharmaceuticals' focus on rare diseases. The acquisition of this program expands Island Pharmaceuticals' portfolio, positioning it to potentially leverage the FDA’s Animal Rule for regulatory approval [3].

References:
[1] https://www.finnewsnetwork.com.au/archives/finance_news_network2132231.html
[3] https://www.marketbeat.com/stocks/NASDAQ/BCRX/