PhD | Business Development Senior Manager BaseLaunch
Tel. +41 61 295 50 17stephan. emmerth@baselaunch. ch
The Basel-based pharmaceutical company Basilea has extended its existing licence agreement with Pfizer for the anti-fungual Cresemba to include China and several other countries. This makes Basilea eligible to receive milestone payments and improves its financial outlook.
Basilea developed Cresemba to treat diseases caused by fungal infections. The anti-fungal is approved in the US, EU and Switzerland for various treatments, and the company already has a licence agreement with Pfizer for Europe, Russia, Turkey and Israel. This agreement has now been extended to include China and 16 countries in the Asia Pacific region, including Australia and India.
The Basel-based pharmaceutical will now receive an upfront payment of $3 million for extending the licence agreement and is eligible to receive up to $223 million in additional payments. Basilea received a $70 million upfront payment when it signed the licence agreement and is eligible for additional milestone payments of up to $427 million.
“We are very pleased to be expanding our partnership with Pfizer to China and Asia Pacific where it has a strong commercial presence and a proven track record of successfully developing and commercializing hospital anti-fungals,” Basilea CEO Ronald Scott said in a statement. The company now has established partnerships for Cresemba in all major markets around the world.
Suneet Varma, Global President of Pfizer APAC, Greater China and Global Brands, said that Pfizer is excited to extend its partnership with Basilea, “a company that shares our passion and commitment to confronting the global challenges of infectious disease management”.
In light of the recent commercialization agreements, Basilea has now updated its financial outlook for 2017 and expects a reduced operating loss of approximately 1 million Swiss francs on average per month, down from 2 million francs.