PolyPid and Azurity Pharmaceuticals have signed an exclusive commercial partnership to bring D-PLEX100 to the United States and Canada for preventing surgical site infections, with PolyPid manufacturing and supplying the product to Azurity. The deal includes $15 million upfront and another $15 million upon FDA NDA acceptance, plus up to about $300 million in additional regulatory, development, and sales milestones, and tiered royalties from the mid-teens to mid-20s as commercialization progresses. The U.S. launch is targeted for the first quarter of 2027, and PolyPid will retain outside-U.S./Canada rights, global manufacturing rights, and ownership of its PLEX platform and Kynatrix technology. The agreement follows positive Phase 3 SHIELD II results and a completed NDA submission to the FDA, with Azurity funding potential label expansions beyond abdominal SSI indications. Azurity’s involvement includes funding clinical development to pursue broader indications in the U.S. and Canada, while PolyPid continues to own and develop its pipeline outside the Territory. Market commentary notes a Buy rating on PYPD with a $9 target, though overall analysis acknowledges financial risks and an ongoing earnings trajectory while recognizing the strategic value of the commercialization deal.