Basilea announces transition milestone for oncology asset BAL0891, triggering milestone payment of USD4million by SillaJen
Basel/Allschwil, Switzerland, December 19, 2022
Basilea Pharmaceutica Ltd. (SIX: BSLN), a commercial-stage biopharmaceutical company committed to meeting the needs of patients with severe bacterial and fungal infections, announced today the achievement of a transition milestone for the oncology asset BAL0891 to SillaJen, Inc., triggering a pre-defined milestone payment of USD 4 million to Basilea.
Dr. Marc Engelhardt, Chief Medical Officer of Basilea, stated: “The teams of Basilea and SillaJen have been working closely over the past three months to ensure a smooth transition and to advance the preparations for the start of the phase 1 study. We look forward to SillaJen starting patient recruitment soon.”
Upon closing of the agreement with SillaJen in September 2022, Basilea announced upfront and near-term milestones of USD 14 million. The USD 10 million upfront payment has already been received. In addition to the now triggered USD 4 million payment related to the achievement of a transition milestone, Basilea is eligible to receive further payments of up to approximately USD 320 million upon the achievement of predefined development, regulatory and sales milestones and tiered royalties on net sales starting in the single digit range going up to double-digits. Since BAL0891 is an in-licensed asset, Basilea remains responsible for making milestone and royalty payments under the corresponding license agreement.
Basilea is a commercial-stage biopharmaceutical company founded in 2000 and headquartered in Switzerland. We are committed to discovering, developing and commercializing innovative drugs to meet the needs of patients with severe bacterial and fungal infections. We have successfully launched two hospital brands, Cresemba for the treatment of invasive fungal infections and Zevtera for the treatment of bacterial infections. In addition, we have several preclinical anti-infective assets in our portfolio. Basilea is listed on the SIX Swiss Exchange (SIX: BSLN). Please visit basilea.com.
This communication expressly or implicitly contains certain forward-looking statements, such as “believe”, “assume”, “expect”, “forecast”, “project”, “may”, “could”, “might”, “will” or similar expressions concerning Basilea Pharmaceutica Ltd and its business, including with respect to the progress, timing and completion of research, development and clinical studies for product candidates. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Basilea Pharmaceutica Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Basilea Pharmaceutica Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
For further information, please contact:
| Peer Nils Schröder, PhD |
Head of Corporate Communications & Investor Relations
Basilea Pharmaceutica International Ltd, Allschwil
|Phone||+41 61 606 1102|
This press release can be downloaded from www.basilea.com.