Benzinga | Jul 15, 2020 05:45AM EDT

Basilea Reports Pfizer has Launched Antifungal Cresemba in Taiwan, Triggering Second Milestone Payment Related to Asia-Pacific

Basilea Pharmaceutica Ltd. (OTC:BPMUF) reported today that its license partner, Pfizer Inc. (NYSE:PFE, "Pfizer")))), has launched the antifungal Cresemba(r) (isavuconazole) in Taiwan. The launch triggered the second milestone payment (USD 0.5 million) related to the Asia-Pacific territory from Pfizer to Basilea.

David Veitch, Chief Executive Officer, said: "We are very pleased with the launch of Cresemba in Taiwan, which triggers the second launch milestone payment related to the Asia-Pacific region and follows the launch in Australia earlier this year. We are glad we can now bring Cresemba to patients in Taiwan and we are looking forward to our partner Pfizer making Cresemba more broadly available in the region, for the benefit of patients suffering from invasive mold infections."

In Taiwan, Cresemba is approved in adults for the treatment of invasive aspergillosis and the treatment of mucormycosis in adult patients for whom amphotericin B is inappropriate.1

In June 2017, Basilea entered into a licensing agreement with Pfizer for isavuconazole in Europe (excluding the Nordics), Russia, Turkey and Israel. The agreement was extended in November 2017 to China, including Hong Kong and Macao, and sixteen countries in the Asia-Pacific region. Under the agreement with Pfizer, Basilea is still eligible for regulatory and sales milestone payments of approximately USD630million, in addition to receiving mid-teen royalties on in-market sales of Cresemba.

Cresemba is currently marketed in 45 countries, including the United States, most EU member states and several additional countries inside and outside of Europe. For the twelve months to the end of the first quarter 2020, total "in-market" sales of Cresemba amounted to USD220million, a more than 30percent growth year-on-year.2