Basilea Pharmaceutica - Anti-infective refocusing on schedule
Management has provided an update on Basilea’s strategy to refocus the business on anti-infectives, as part of which, the company will cease all oncology activities by end-2022. Basilea now intends to engage in separate transactions for the oncology asset BAL0891 (a dual TTK/PLK1 inhibitor) and other preclinical assets, which will be concluded in H222. In addition, management has confirmed it will not expand the ongoing Phase II biomarker-driven trial investigating the use of lisavanbulin (a tumour checkpoint inhibitor) in treating recurrent glioblastoma. The company continues to explore partnering options for lisavanbulin. Finally, the rights to derazantinib (a pan-fibroblast growth factor receptor inhibitor) will be transferred back to Merck by the end of the year. Management has reiterated guidance that oncology-related expenses will not be material beyond 2022 and sustained profitability will be reached in 2023. In our view, the recent strategic update supports this guidance. We value Basilea Pharmaceutica at CHF847.7m or CHF71.6/share.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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