Greetings Lucy welcome to the Forum.
As you !, I have NO idea what that Pink is. Probably a form of mildew or mold.
I absolutely hate to use Plyboard in the manner you have. It's (interior or exterior) just too sensitive to Humidity, which is the reason it's separating IMHO.
Possibly, IF you had sealed it before you installed it (both sides), you might have gotten away with it. But, from what I can tell you're already well into the job, and pulling it off the walls may be more trouble then it's worth.
If you spray it with a Bactericide or Fungicide, you may not get to all the places needed, and it sounds like you don't want to use that stuff anyway.
I know I haven't given you an answer to the problem, but, maybe some sympathy will help.
Have a good Day !
S.W.