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Avista grows its contract services business, and Scynexis focuses on antifungal development.
Avista Pharma Solutions acquired the GMP contract manufacturing, development, and animal health services business of Scynexis, Avista announced on July 23, 2015. As part of the transaction, Avista will occupy Scynexis's former research and GMP manufacturing facility in Durham, North Carolina and hire substantially all employees associated with the contract services business.
"This is our second acquisition this year as we pursue an aggressive growth strategy to build a dominant company in the contract services sector," said CEO Patrick Walsh in a press release. "We have a proven leadership team already in place, and you can expect to see facility investments at several of our sites as we expand capabilities to meet client demand."
Avista Pharma acquired the Longmont, Colorado-based chemistry, manufacturing and controls business of Array BioPharma in June 2015, and is a subsidiary of Accuratus Lab Services. Accuratus is a portfolio company of Ampersand Capital Partners, a healthcare-focused private equity firm based in Wellesley, Massachusetts.
"…We see clear synergy opportunities between Avista's Longmont and Durham operations to help solve the difficult synthesis and manufacturing scale-up challenges faced by new drug sponsors," said David Parker, general partner at Ampersand, in the release.
In connection with the sale of its contract research and development services business, Scynexis will relocate to Jersey City, New Jersey, effective Aug. 1, 2015. The company will focus its resources on the development of antifungals, including its SCY-078, an oral glucan synthase inhibitor in Phase II of development. FDA designated SCY-078 as a Qualified Infectious Disease Product (QIDP) and has granted fast-track status for oral use for the indications of invasive Candidiasis, including Candidemia, and invasive Aspergillosis. Scynexis is developing both oral and intravenous formulations of SCY-078.