Basilea extends agreement with Pfizer for Cresemba to China and Asia Pacific.
M2 PHARMA-December 1, 2017-Basilea extends agreement with Pfizer for Cresemba to China and Asia Pacific
(C)2017 M2 COMMUNICATIONS
Basilea Pharmaceutia International Ltd (SWX: BSLN) has extended its existing licensing agreement with Pfizer (NYSE: PFE) for the antifungal Cresemba (isavuconazole), the Swiss company announced on Friday.
The current agreement for Europe, Russia, Turkey and Israel will be amended to include China (with Hong Kong and Macao) and 16 countries in the Asia Pacific region.
Isavuonazole is an antifungal that is used as a treatment for life-threatening invasive mould infections.
The terms of the agreement will see Basilea receive an upfront payment of USD3m. The company will also be eligible to receive up to around USD223m in additional payments upon the achievement of pre-specified regulatory and commercial milestones in the China and Asia Pacific region. Basilea wil also receive royalties in the mid-teen range on Pfizer's sales in the territory. Meanwhile, Pfizer will be granted an exclusive licence to develop, manufacture and commercialise the treatment in China, Hong Kong and Macao, as well as 16 countries in the Asia Pacific region, including Australia, India, South Korea, Singapore and Taiwan.
The agreement is subject to customary regulatory approval. The two companies signed the original licence agreement in June 2017 for Europe (excluding the Nordics), Russia, Turkey and Israel. Basilea received an upfront payment of CHF70m and is eligible for additional milestone payments of up to USD427m and mid-teen royalties on sales.
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|Date:||Dec 1, 2017|
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