DUBLIN: Mycovia Pharmaceuticals has announced a strategic partnership with Gedeon Richter for the commercialisation and manufacture of VT-1161 for recurrent vulvovaginal candidiasis (RVVC) in Europe, Latin America, Australia, Russia and other CIS countries.

This agreement follows the announcement by Mycovia earlier this year of a strategic partnership with Jiangsu Hengrui Medicine to develop and commercialise VT-1161 in China for the treatment or prevention of a range of fungal conditions.

Under the terms of both agreements, Mycovia is eligible to receive milestone payments related to clinical, regulatory and commercial success of VT-1161.

Mycovia acquired Viamet’s lead anti-fungal drug, VT-1161 in 2018 but Viamet retains a significant economic interest by means of its share of potential milestone payments and sales royalties through clinical and commercial progression. Malin, alongside other shareholders in Viamet, will benefit from both these recent deals Mycovia has signed, if the molecule is clinically and commercially successful.

Mycovia is currently conducting global Phase 3 trials of VT-1161 in women with RVVC in the US, EU and Japan. Phase 2b studies have shown VT-1161 to have strong safety and efficacy profiles in RVVC patients, with as low as zero percent recurrence rates through 48 weeks, and RVVC is currently an unmet need in women’s health.

Malin owns approximately 15% of Viamet and carried its investment in Viamet at a fair value estimate of €79.5 million at 30 June 2019 under International Private Equity and Venture Capital Valuation guidelines.

Edited by Kazim Rizvi