Durham drug developer Scynexis is relocating to New Jersey after selling its contract research and development services business unit.
Longmont, Colo.-based Avista Pharma Solutions, which acquired the unit, plans to occupy Scynexis’ Durham manufacturing facility and said it would hire “substantially all employees associated with the contract services business.”
Scynexis, which went public last year, first announced plans to divest its contract research and development business unit in April.
Scynexis is relocating to Jersey City. The company also announced that its founder and president, Yves Ribeill, has stepped down but will continue to serve on the Board of Directors.
Scynexis plans to focus on the development of SCY-078, a treatment for serious and life-threatening fungal infections.
Scynexis has received fast track designation from the Food and Drug Administration for priority regulatory review for the oral formulation of SCY-078.
The drug stemmed from a collaboration between Scynexis and pharmaceutical giant Merck. In 2013, Merck returned the development and commercialization rights to Scynexis.
Scynexis shares closed Thursday at $8.75, up 11 cents. The stock is down 12 percent this year.