Basilea nets milestone payment from Pfizer for Cresemba sales in Europe

Basilea Pharmaceutica cahsed $5 million from Pfizer’s milestone payment triggered for selling of the antifungal Cresemba (isavuconazole) in Europe.

Basilea noted in the press release on Friday that Pfizer is currently selling Cresemba in European countries, including France, Germany, Italy, Spain and the U.K.

Adesh Kaul, Chief Corporate Development Officer of Basilea, said: “The strong sales uptake confirms that Cresemba is serving a high medical need and we look forward to making this important treatment available to patients in a rapidly increasing number of countries around the world.”

In June 2017, Basilea signed a license agreement for Cresemba with Pfizer for Europe (excluding the Nordics), Russia, Turkey and Israel. This agreement was extended in December 2017 to include China (with Hong Kong and Macao) and sixteen countries in the Asia Pacific region. Under the agreements with Pfizer, Basilea is eligible for additional regulatory and sales milestone payments of up to $645 million, in addition to receiving mid-teen royalties on sales, Basilea said in the press release.

/by Dino Mustafić