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Basilea - Cresemba LatAm milestone

Given all of the strategic progress that Basilea has accomplished in recent months to replenish the anti-infectives pipeline, it would be easy to overlook the continued sales progress of its leading anti-fungal Cresemba (isavuconazole). Indeed, the continued positive progress for Cresemba is important, allowing Basilea to continue funding its anti-infective ambitions. Additionally, we suspect that the success that Basilea has demonstrated in taking both Cresemba as well as ceftobiprole through clinical development to commercialisation is also an important factor in Basilea securing new anti-infective licensing opportunities.


With Cresemba sales likely to wane in major markets such as the US and Europe post loss of exclusivity in Q4 2027, the contribution of other geographies takes on greater importance. While we have previously highlighted important recent launches in both China and Japan, the announcement today that Basilea has received its first milestone payment in Latin America from its partner Knight Therapeutics is a testament to the broad sales base of Cresemba. Cresemba is now marketed in over 70 countries and, despite its maturity, delivered a highly impressive 22% growth, and end market sales of $445m over the 12-month period to end September 2023


Along with its recent acquisition and in-licensing activities, and continued strong sales of Cresemba, the future for Basilea's anti-infectives franchise looks more secure. The delivery of a relevant commercial partner for ceftobiprole for the key US market, along with FDA approval (3rd April action date), should further de-risk the investment case.


Following the recent in-licensing and acquisition activities, our previous discounted cash flow fair value of CHF91 is under review.


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IMPORTANT:


Calvine Partners LLP is authorised and regulated by the Financial Conduct Authority.


Basilea Pharmaceutica is a client of Calvine Partners, and as such, this publication is not independent and should be considered a marketing communication under FCA Rules. None of the information in this publication should be considered as any form of advice.




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