BASEL, SWITZERLAND--(Marketwire - July 23, 2012) - Basilea Pharmaceutica AG /Basilea
announces completion of Toctino® (alitretinoin) transaction with
Stiefel. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
-- Basilea receives GBP 146 million (approximately CHF 225 million)
Basilea Pharmaceutica Ltd. (SIX: BSLN) today
reported that the transaction between Basilea Pharmaceutica International
("Basilea") and Stiefel, a GSK company, for Basilea's dermatology drug
(alitretinoin) has been completed following antitrust approval and meeting
Under the global agreement, Stiefel gains exclusive worldwide rights to
as well as a license to know-how and assumes Basilea's existing
agreements for Toctino®. Basilea receives an upfront payment of
CHF 225 million (GBP 146 million) and will be eligible for a further
payment of up to GBP 50 million, related to a regulatory milestone of
alitretinoin in the U.S. In addition, Basilea will participate in future
sales in the U.S. through royalties starting three years after launch.
As a result of the transaction, Chief Commercial Officer Hans Christian
has transferred to Stiefel, together with certain other employees at
European affiliates and Swiss headquarters who are actively involved in the
commercialization and distribution of Toctino®.
A core marketing function is maintained at Basilea headquarters to support
market access and pre-launch activities of ceftobiprole and isavuconazole
provide commercial support during the development of BAL30072 and
commercial functions will continue to report to Chief Operating Officer
Basilea extends its thanks to Hans Christian Rohde and Basilea's commercial
organization for their role in the international commercialization of
alitretinoin and the building of the Toctino® brand.
Dr. Anthony Man, Chief Executive Officer of Basilea, stated: "The
the transaction is an important step for Basilea, providing us with
non-dilutive capital to achieve clinical milestones and further strengthen
focused portfolio of anti-infective and oncology drugs, which includes two
innovative drugs in the final stage of clinical development and close to
regulatory submission, respectively. We will continue to assist Stiefel in
analysis of the U.S. phase III HANDEL study of alitretinoin and the
of a pre-submission meeting with the U.S. FDA."
The upfront payment will be recognized as deferred revenue on a
basis through mid-2018. Basilea will provide financial guidance for 2012
its half-year financials.
Basilea Pharmaceutica Ltd. is headquartered in Basel, Switzerland, and
the SIX Swiss Exchange (SIX: BSLN). Through the fully integrated research
development operations of Basilea Pharmaceutica International Ltd.
the company focuses on antibiotics, antifungals and oncology drugs,
the medical challenge of resistance and non-response to current treatment
For its phase III compound isavuconazole, a potential best-in-class azole
antifungal for the treatment of life-threatening invasive fungal
company has entered into a license, co-development and co-promotion
with Astellas Pharma Inc. Isavuconazole has demonstrated excellent in-vitro
in-vivo coverage of a broad range of yeasts (such as Candida species) and
(such as Aspergillus species) as well as of less prevalent but often fatal
such as Zygomycetes spp.
Basilea is developing ceftobiprole, a novel broad-spectrum anti-MRSA
cephalosporin antibiotic for the potential first-line empiric treatment of
severe multi-drug resistant bacterial infections. Available data
activity against a wide range of clinically-relevant Gram-positive as well
Gram-negative bacteria including Pseudomonas.
Basilea's BAL30072, a novel investigational antibiotic for the treatment of
resistant Gram-negative infections, and the oncology drug candidate
for the treatment of drug-resistant cancers are in phase I clinical
This communication expressly or implicitly contains certain
forward-looking statements concerning Basilea Pharmaceutica Ltd. and its
statements involve certain known and unknown risks, uncertainties and other
factors, which could cause the actual results, financial condition,
or achievements of Basilea Pharmaceutica Ltd. to be materially different
any future results, performance or achievements expressed or implied by
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,
events or otherwise.
This press release can be downloaded from www.basilea.com.
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Source: Basilea Pharmaceutica AG via Thomson Reuters ONE