Pfizer and Basilea complete license agreement for Cresemba®

Basilea Pharmaceutica has announced that its license agreement with Pfizer for Basilea’s antifungal Cresemba (isavuconazole), originally announced on June 14, has completed and therefore will now be implemented.

The agreement grants Pfizer the right to manufacture isavuconazole and to exclusively commercialise the drug in Europe (excluding the Nordics), Russia, Turkey and Israel.

Basilea will receive an upfront payment of CHF 70 million. Basilea is also eligible to receive up to USD 427 million in additional payments upon achievement of pre-specified regulatory and sales milestones.

In addition, Basilea will receive royalties in the mid-teen range on Pfizer’s sales in the territory.