BASILEA PHARMACEUTICA BUY | CHF 52 Near cashflow positive commercial biotech with catalyst lined-up
This Monday, Basilea Pharmaceutica Ltd has provided an update on the company’s strategy (Click); these are the key takeaways i) renewed focus on the company’s core anti-infective franchise (antibacterial and antifungal), ii) company’s intention to cease the development of the company’s oncology pipeline, transfer back the rights of derazantinib to Merck, and engage in transactions for its oncology assets and other pre-clinical assets by 2H 22, and iii) the guidance around sustained profitability starting from 2023. Furthermore, yesterday, Basilea Pharmaceutica announced (Click) positive Phase III ERADICATE study top-line data, studying ceftobiprole in Staphylococcus aureus (SAB) bacteremia. We reinstate the rating back to a BUY (from under review) with a target price of CHF 52.Basilea Pharmaceutica is an integrated biopharmaceutical company engaged in the discovery, development and commercialization of pharmaceutical products for the treatment of bacterial infections, fungal infections, oncology and skin diseases. Co. focuses on antibiotics and antifungals as well as oncology and dermatology drugs. Co.'s portfolio spans from innovative early-stage through clinical late-stage drug candidates to a marketed product. In the context of its international commercialization organization, Co. has subsidiaries in Denmark, France, Germany, Italy, Spain and the United Kingdom.
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