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Basilea Pharmaceutica International Ltd. entered into a distribution and license agreement with Pfizer and Avir Pharma Inc. to distribute Basilea’s antifungal treatments.
On June 14, 2017, Basilea Pharmaceutica Ltd. announced that it had entered into agreements with Pfizer Inc. and Canadian pharmaceutical company Avir Pharma Inc. to distribute and license Basilea's antifungal Cresemba (isavuconazole). Pfizer will manufacture and commercialize the drug for the treatment of life-threatening invasive mold infections in Europe (excluding the Nordics), Russia, Turkey, and Israel. Isavuconazole, which has orphan drug designation, is approved in the United States and Europe for the treatment of invasive aspergillosis and invasive mucormycosis. Avir will apply for Canadian marketing authorization for Isavuconazole and will have the exclusive license to commercialize isavuconazole in the Canadian market.
Under the terms of the agreement with Pfizer, Basilea will receive an upfront payment of CHF 70 million (US$72 million) and will be eligible to receive up to US$427 million in additional payments upon achievement of prespecified regulatory and sales milestones. In addition, Basilea will also receive royalties on Pfizer's sales in the territory.
"This collaboration will allow us to further optimize the value of this key asset in an important region of the world. The transaction will provide Basilea with additional financial flexibility to pursue targeted transactions to strengthen our two portfolio pillars focused on overcoming resistance: anti-infectives and oncology. Basilea continues to demonstrate its ability to complete innovative transactions that optimize the value of our company for shareholders," said Ronald Scott, Chief Executive Officer of Basilea, in a press release.
Basilea also entered into agreement with Avir to market and commercialize the antibiotic Zevtera (ceftobiprole) in Canada. Zevtera is approved in Canada for the treatment of hospital-acquired pneumonia, excluding ventilator-associated pneumonia, and for the treatment of community-acquired pneumonia.
“Cresemba and Zevtera are clearly differentiated hospital products potentially addressing significant medical needs of patients who are suffering from severe microbial infections. We look forward to bringing our products to patients in Canada through our partnership with Avir which has a strong presence in the specialty care market," said David Veitch, Basilea's chief commercial officer, in a press release.