Island Pharmaceuticals executes binding letter of intent for proposed acquisition of galidesivir

Island Pharmaceuticals Ltd (ASX:ILA) has executed a binding Letter of Intent with BioCryst Pharmaceuticals, Inc. for the potential acquisition of the antiviral molecule, galidesivir. The conversion to binding status secures Island an exclusive 12-month option to take up rights to the molecule, which has shown antiviral activity against a wide range of RNA viruses, including Ebola, Zika, and Marburg viruses.

Executive Commentary on Galidesivir Acquisition

We are very pleased to convert the non-binding term sheet into a binding agreement. This acquisition opportunity aligns strongly both with our pipeline diversification strategy and our interest in progressing new medicines and countermeasures, which can address significant viral diseases and public health, or biosecurity threats. We also believe we might be able to bring this molecule to market under the FDA's Animal Rule, which would enable us to rapidly bring an important medical countermeasure to market. We're excited to be one step closer to bringing this promising asset into our portfolio. Our next steps will focus on expeditiously finalising our due diligence program on the molecule.

Summary of Island Pharmaceuticals' Acquisition of Galidesivir

Island Pharmaceuticals Ltd (ASX:ILA) has executed a binding Letter of Intent with BioCryst Pharmaceuticals, Inc. for the potential acquisition of the antiviral molecule, galidesivir. The molecule has shown antiviral activity against a wide range of RNA viruses, including Ebola, Zika, and Marburg viruses. Island now has up to 12 months to complete its due diligence program on galidesivir, after which the parties intend to finalise definitive documents. This proposed acquisition enables pipeline diversification and aligns with Island's strategy to address urgent viral disease and medical countermeasure development. The company's CEO and Managing Director, Dr David Foster, expressed excitement about the acquisition and the potential to bring the molecule to market under the FDA's Animal Rule, enabling the rapid introduction of an important medical countermeasure.