Wednesday, January 10, 2018 @ 12:00 am
Basel, Switzerland, January 10, 2018 - Basilea Pharmaceutica Ltd. (SIX: BSLN) reported today the completion of its extension of its license agreement with Pfizer Inc. (NYSE: PFE) for Basilea's antifungal Cresemba® (isavuconazole) to include China (with Hong Kong and Macao) and sixteen countries in the Asia Pacific region, execution of which was announced on December 1, 2017. The amendment was subject to customary regulatory review which has completed. Isavuconazole is an antifungal for the treatment of life-threatening invasive mold infections.
Under the terms of the amendment, Basilea will receive an upfront payment of USD 3 million and is eligible to receive up to approximately USD 223 million additional payments upon achievement of pre-specified regulatory and commercial milestones related to China and the Asia Pacific region. In addition, Basilea will receive royalties in the mid-teen range on Pfizer's sales in the territory. Pfizer is granted an exclusive license to develop, manufacture and commercialize isavuconazole in China, including Hong Kong and Macao, and sixteen countries in the Asia Pacific region, including Australia, India, South Korea, Singapore and Taiwan.
In June 2017, Basilea signed a license agreement with Pfizer for Europe (excluding the Nordics), Russia, Turkey and Israel. Basilea received a CHF 70 million upfront payment and is eligible for additional milestone payments of up to USD 427 million and mid-teen royalties on sales
This press release can be downloaded from www.basilea.com.