Island Pharmaceuticals acquires exclusive right to develop antiviral drug galidesivir

Island Pharmaceuticals (ASX: ILA) has signed a deal with US-based BioCryst Pharmaceuticals to take over the development program for antiviral molecule galidesivir.

The proposed acquisition aligns with Island’s strategy to address urgent viral disease and medical countermeasure development.

Under the terms of a binding agreement, Island will pay BioCryst a US$50,000 option fee for exclusive rights to acquire the galidesivir program for a period of one year.

Strong alignment

Island chief executive officer Dr David Foster said the company was pleased to secure the deal.

“This acquisition opportunity aligns strongly with our interest in progressing new medicines which can address significant viral diseases and public health or biosecurity threats,” he said.

“We are excited to be one step closer to bringing this promising asset into our portfolio.”

Island has up to 12 months to complete its due diligence program, after which the parties will finalise negotiations and definitive documents.

Antiviral molecule

Galidesivir is a clinical-stage antiviral molecule with a broad spectrum of activity in over 20 ribonucleic acid viruses that currently have unmet medical needs including Ebola, Marburg, yellow fever and coronavirus.

The development program has a robust history, initially targeting the high-priority threats of Ebola and Marburg and subsequently expanding to include other emerging infectious diseases for emergency disease outbreaks.

It later evolved to pursue yellow fever as well as the coronavirus.

Phase 1 studies

Two randomised, placebo-controlled Phase 1 studies of galidesivir have so far been completed on healthy volunteers to test safety and tolerability.

The molecule has also been subject to numerous animal efficacy studies, where the drug was shown to be effective, safe and well-tolerated.

Island said regulatory due diligence would be conducted to investigate whether galidesivir could utilise the US Food and Drug Administration’s Animal Rule pathway to approval.

Three-year search

Island executed a 12-month option with BioCryst in July for the acquisition of galidesivir after a three-year search for a new product to add to its portfolio.

“We were looking for something that already had safety data,” Dr Foster said at the time.

“We were seeking a small molecule with antiviral activity which would fit with our interest in supporting national and military preparedness, with potential to attract non-dilutive funding in support of clinical studies.”

“The identification of this particular antiviral molecule ticked each of these boxes.”