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)
upfront payment
Basilea Pharmaceutica Ltd. (SIX: BSLN) today
reported that the transaction between Basilea Pharmaceutica International
Ltd.
("Basilea") and Stiefel, a GSK company, for Basilea's dermatology drug
Toctino®
(alitretinoin) has been completed following antitrust approval and meeting
other
customary provisions.
Under the global agreement, Stiefel gains exclusive worldwide rights to
Toctino®
as well as a license to know-how and assumes Basilea's existing
distribution
agreements for Toctino®. Basilea receives an upfront payment of
approximately
CHF 225 million (GBP 146 million) and will be eligible for a further
milestone
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
product
sales in the U.S. through royalties starting three years after launch.
As a result of the transaction, Chief Commercial Officer Hans Christian
Rohde
has transferred to Stiefel, together with certain other employees at
Basilea's
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
and
provide commercial support during the development of BAL30072 and
BAL101553. All
commercial functions will continue to report to Chief Operating Officer
Ronald
Scott.
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
completion of
the transaction is an important step for Basilea, providing us with
additional
non-dilutive capital to achieve clinical milestones and further strengthen
our
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
the
analysis of the U.S. phase III HANDEL study of alitretinoin and the
preparation
of a pre-submission meeting with the U.S. FDA."
The upfront payment will be recognized as deferred revenue on a
straight-line
basis through mid-2018. Basilea will provide financial guidance for 2012
with
its half-year financials.
About Basilea
Basilea Pharmaceutica Ltd. is headquartered in Basel, Switzerland, and
listed on
the SIX Swiss Exchange (SIX: BSLN). Through the fully integrated research
and
development operations of Basilea Pharmaceutica International Ltd.
("Basilea")
the company focuses on antibiotics, antifungals and oncology drugs,
targeting
the medical challenge of resistance and non-response to current treatment
options.
For its phase III compound isavuconazole, a potential best-in-class azole
antifungal for the treatment of life-threatening invasive fungal
infections, the
company has entered into a license, co-development and co-promotion
agreement
with Astellas Pharma Inc. Isavuconazole has demonstrated excellent in-vitro
and
in-vivo coverage of a broad range of yeasts (such as Candida species) and
molds
(such as Aspergillus species) as well as of less prevalent but often fatal
molds
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
demonstrate
activity against a wide range of clinically-relevant Gram-positive as well
as
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
BAL101553
for the treatment of drug-resistant cancers are in phase I clinical
testing.
Disclaimer
This communication expressly or implicitly contains certain
forward-looking statements concerning Basilea Pharmaceutica Ltd. and its
business. 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.
This press release can be downloaded from www.basilea.com.
Press release (PDF):
http://hugin.info/134390/R/1628465/521432.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Basilea Pharmaceutica AG via Thomson Reuters ONE
[HUG#1628465]
