- Sale of Basilea's novel preclinical CLK kinase inhibitors
- Total payments of up to CHF 354 million
- Third oncology transaction as part of Basilea's strategic refocusing on anti-infectives
Basel/Allschwil, Switzerland, November 2, 2022
Basilea Pharmaceutica Ltd. (SIX: BSLN), a commercial-stage biopharmaceutical company committed to meeting the needs of patients with severe bacterial and fungal infections, announced today that it has entered into an asset purchase agreement with Twentyeight-Seven Therapeutics, Inc. ("28-7") for novel inhibitors of CLK kinases, developed by Basilea, that target aberrant splicing of RNA in cancer. 28-7 is a US-based biotech company focused on important RNA and DNA regulators that contribute to the cause and maintenance of cancer, inflammation, and other human diseases.
Adesh Kaul, Chief Financial Officer of Basilea, said: "We are pleased with the sale of our CLK kinase inhibitor program to 28-7, a biotech company with specific expertise in understanding and targeting dysregulation of RNA and DNA processing and sensing, and therefore a preferred partner to move this important program forward. Aberrant RNA splicing is frequently found in human diseases and is increasingly recognized as a hallmark of cancer, thereby creating unique interventions to treat patients with serious diseases. We have secured a participation in the long-term value creation potential of this program and are well on track to complete our strategic refocusing on anti-infectives by the end of the year."
Under the terms of the agreement, Basilea will receive an upfront payment of CHF 1 million and potential near-term milestone payments of CHF 2 million. Basilea is eligible to receive further payments of up to CHF 351 million upon the achievement of predefined development, regulatory and sales milestones.
In February of this year, Basilea announced its intention to focus on becoming a leading anti-infectives company and therefore to separate its oncology assets. Basilea has already made significant progress in the implementation of the new strategy and expects no material expenses related to oncology activities beyond 2022. Basilea is on track to achieve sustainable profitability from 2023.
About Twentyeight-Seven Therapeutics
Twentyeight-Seven Therapeutics is a leading biotechnology company focused on developing first-in-class small molecule drugs that target proteins involved in the dysregulation of RNA and DNA processing and sensing mechanisms that lead to cancer, inflammation and other serious human diseases. The company's core technology comes from its four founding scientists, all leading researchers in RNA biology and cancer. www.twentyeight-seven.com
About Basilea
Basilea is a commercial-stage biopharmaceutical company founded in 2000 and headquartered in Switzerland. We are committed to discovering, developing and commercializing innovative drugs to meet the needs of patients with severe bacterial and fungal infections. We have successfully launched two hospital brands, Cresemba for the treatment of invasive fungal infections and Zevtera for the treatment of bacterial infections. In addition, we have several preclinical anti-infective assets in our portfolio. Basilea is listed on the SIX Swiss Exchange.
Disclaimer
This communication expressly or implicitly contains certain forward-looking statements, such as "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions concerning Basilea Pharmaceutica Ltd and its business, including with respect to the progress, timing and completion of research, development and clinical studies for product candidates. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Basilea Pharmaceutica Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Basilea Pharmaceutica Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
For further information, please contact:
| Peer Nils Schröder, PhD Head of Corporate Communications & Investor Relations Basilea Pharmaceutica International Ltd, Allschwil Hegenheimermattweg 167b 4123 Allschwil Switzerland | |
| Phone | +41 61 606 1102 |
| media_relations@basilea.com (mailto:media_relations@basilea.com) investor_relations@basilea.com (mailto:investor_relations@basilea.com) | |
This press release can be downloaded from www.basilea.com.
Attachment
- Press release (PDF) (https://ml-eu.globenewswire.com/Resource/Download/a9ba3c11-7e3f-494c-b98b-d0b8f07d7104)
