Basilea Pharmaceutica Ltd has made the much awaited announcement. It has revealed that Basilea Pharmaceutica International Ltd has made its entry into the licensing agreement with Pfizer Inc (NYSE:PFE).This in line with Basilea`s marketed antifungal Cresemba (isavuconazole) which according to sources will be to help face out the life-threatening invasive mold infections. Pfizer will be accorded all rights to manufacture isavuconazole. Asides from that, it will also be entitled to exclusively commercialize the drug in Europe (excluding the Nordics), Israel and Turkey.
The terms of the agreement outline that Basilea will receive an upfront payment of CHF 70 million. On top of that, it will be eligible to receive about USD 427 million and that will be as part of the sales milestones and achievement of pre-specified regulatory. On top of that, Basilea will also be entitled to royalties in the mid-teen range on Pfizer`s sales in the territory.
The Chief Executive Officer of Basilea, Ronald Scott while addressing a number of top news reporters said, “Cresemba is a well differentiated drug that addresses a critical medical need in patients with invasive mold infections. This is reflected in its strong launch in the US as well as its solid performance in key European markets where Basilea launched and is currently commercializing the product.”
As a matter of fact, Pfizer is a renowned pharmaceutical provider and boasts of a long and successful track record of commercializing antifungals. Some top officials working with provider are confident that this collaboration will help the provider further optimize the value of this key asset in the crucial region of the world.
Some reliable sources have revealed that the transaction served Basilea with additional financial flexibility and thus it will be able to pursue targeted transactions. It will in a major way strengthen its two portfolio pillars that narrow down to overcoming resistance: oncology and anti-infectives. Basilea continues to showcase its impeccable abilities to complete innovative transactions that optimize the value of the top end company’s shareholders.
According to Yahoo.com, the agreement will be subject to the customary regulatory approval.
