Novartis' generic arm, Sandoz, has signed an agreement to acquire worldwide rights for a leading systemic antifungal agent from Astellas.
The drug, now off-patent, is branded as Mycamine. As an echinocandin — one of three major antifungal classes — the treatment specifically targets the wall of fungal cells to treat infection. According to Sandoz, the buy will "significantly reinforce Sandoz hospital offering and leading anti-infectives portfolio."
Mycamine was approved by the U.S. FDA in 2005, as a treatment option to fight or prevent a life-threatening candida infection. Astellas reported Mycamine sales of $135 million for the fiscal year ending March 31, 2022.
According to Astellas, Sandoz will pay between $62.5 million and $75 million upfront — depending on the date of the closing of the transaction and potential sales-based milestone payments — to add the asset to its portfolio.
Back in late 2021, Sandoz picked up GSK’s antibiotics business, focused on cephalosporins, in a $350 million upfront deal – plus $150 million in milestones.
Novartis announced last year its intention to separate Sandoz into a new publicly traded standalone company — and the spinoff is expected to happen in the second half of this year.
Sandoz anticipates the Mycamine to close in the first half of 2023.
