Basilea Pharmaceutica - Oncology milestone payment triggered
As expected, Basilea continues to derive value from its oncology exit as it has received a transition-related milestone payment of US$4m (CHF3.7m) from its licensing partner SillaJen triggered by the progression of the oncology asset BAL0891 towards Phase I clinical studies. The company had previously received an upfront payment of US$10m (CHF9.3m) following closure of the deal with SillaJen in September 2022. As part of the licensing agreement, Basilea is set to receive potential future performance-based milestone payments of up to c US$320m (c CHF297m) and is also entitled to tiered royalties on net sales, which will range from single- to double-digit percentages. Basilea remains responsible for making milestone and royalty payments to the licensor, NTRC, for BAL0891. We value Basilea at CHF921.7m or CHF77.8/share (previously CHF903.5m or CHF76.3/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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