Island Pharmaceuticals signs term sheet with BioCryst for acquisition of galidesivir

Australian antiviral drug development company, Island Pharmaceuticals Ltd (ASX: $ILA), has executed a non-binding term sheet with BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) to acquire galidesivir, a clinical stage antiviral molecule with demonstrated activity against viruses such as Ebola, Zika, and Marburg. The term sheet includes a one-year option to acquire the galidesivir program, aligning with Island's pipeline diversification strategy.

Executive Commentary on Acquisition of Galidesivir

CEO and Managing Director, Dr David Foster, stated, 'With this term sheet, we are preserving the option to, during the next 12 months, take over development of BioCryst's galidesivir program. In a follow-on asset to ISLA-101, we were looking for something that already had safety data and anti-viral activity, eligible for a Priority Review Voucher, and supporting national and military preparedness. We feel that galidesivir ticks each of these boxes.'

Summary of Island Pharmaceuticals' Acquisition of Galidesivir

Island Pharmaceuticals has executed a non-binding term sheet with BioCryst to acquire galidesivir, a clinical stage antiviral molecule with demonstrated activity against various viruses. The term sheet includes a one-year option to acquire the galidesivir program, with potential plans to take it to approval using the FDA's Animal Rule pathway. The acquisition terms involve staged payments and tiered royalties, with the company targeting execution of the option agreement in the quarter ending 30 September 2024. Island aims to leverage its advisors' expertise in infectious diseases to progress both assets and is exploring avenues to fund the acquisition without immediate additional funding. The acquisition of galidesivir aligns with Island's pipeline diversification strategy and its focus on addressing unmet medical needs for antiviral therapeutics.