Island Pharmaceuticals Ltd (ASX: ILA) announced that it had executed a term sheet with the global NASDAQ-listed company BioCryst Pharmaceuticals, Inc. to acquire Galidesivir. Galidesivir is a clinical-stage antiviral molecule that exhibits antiviral activity against several different viruses, including Ebola, Zika, and Marburg, for which there are currently no approved therapies.
Under the non-binding term sheet, Island will pay BioCryst a US$50,000 fee for the option to acquire the Galidesivir program with a 12-month expiry upon the execution of an Option Agreement.
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