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Basilea Receives CHF 5M Milestone Payment from Pfizer Related to Marketing Authorization of Antifungal Cresemba in Russia

Basilea Pharmaceutica Ltd. (OTC: BPMUF) announced today that it has received a CHF5million milestone payment from its license partner Pfizer Inc. (NYSE:PFE, "Pfizer"))). The milestone was triggered by the granting of the marketing authorization for the

Benzinga · -
Basilea Pharmaceutica Ltd. (OTC: BPMUF) announced today that it has received a CHF5million milestone payment from its license partner Pfizer Inc. (NYSE: PFE, "Pfizer")))). The milestone was triggered by the granting of the marketing authorization for the antifungal Cresemba® (isavuconazole) in the Russian Federation. David Veitch, Chief Executive Officer, said: "We are very pleased that physicians in Russia will soon be able to prescribe Cresemba for their patients with invasive mold infections. This approval is an important milestone in the global commercial roll-out of the brand, as Russia is one of the commercially most important markets outside of China, the EU and the U.S." In Russia, oral Cresemba is approved in adults for the treatment of invasive aspergillosis and the treatment of mucormycosis in adult patients for whom amphotericin B is inappropriate.1 The intravenous formulation is currently being reviewed under a separate marketing authorization application. In June 2017, Basilea entered into a licensing agreement with Pfizer for isavuconazole in Europe (excluding the Nordics), Russia, Turkey and Israel. The agreement was extended in November 2017 to China, including Hong Kong and Macao, and sixteen countries in the Asia-Pacific region. Under the agreement with Pfizer, Basilea is still eligible for regulatory and sales milestone payments of approximately USD630million, in addition to receiving mid-teen royalties on in-market sales of Cresemba. Cresemba is currently marketed in more than 40 countries, including the United States, most EU member states and several additional countries inside and outside of Europe. For the full-year 2019, total "in-market" sales of Cresemba amounted to approximately 200 million U.S. dollars, which is a more than 30percent growth year-on-year.2