We published a research report today, highlighting that FY’23 has been a year of excellent execution, both financially and strategically.
Basilea has demonstrated its ability to build a strong anti-infective pipeline, and acquiring fosmanogepix brings a Phase 3-ready novel antifungal. We have previously highlighted that despite commercial success, the franchise had been threatened by the loss of exclusivity for Cresemba in the USA and Europe from Q4 2027. The addition of fosmanogepix effectively removes much of that uncertainty, with clinical data generated by originator Amplyx (now a Pfizer subsidiary) showing that fosmanogepix possesses several important attributes which together point to a commercially successful treatment option in a wide variety of critical fungal infections.
The addition of several other clinical-stage anti-infective assets brings longevity to the franchise, we believe. We look forward to the forthcoming US approval of ceftobiprole and the attraction of a suitable commercial partner to maximise its commercial potential and further de-risk the investment case.
We revise our forecasts and calculate a discounted cash flow fair value of CHF 105 per share for Basilea.
To read our research report, please use the link here.
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