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Basilea Pharmaceutica

Moving on up

Update | Pharmaceutical & healthcare | 30 Aug 2016

Basilea has made a solid start to the first half of 2016, with anti-microbial agents Cresemba and Zevtera continuing their respective European roll-outs. Ongoing dialogue with the FDA on the SPA protocol for Zevtera's Phase III US clinical trial programme means US trials should initiate in H117. Together, these underpin the current valuation with upside potential from further partnering deals for Cresemba, Zevtera and the early-stage oncology pipeline, which in itself is making progress, albeit at an early stage. We value Basilea at CHF1,091m or CHF101/share.

Basilea Pharmaceutica

Strength in numbers

Update | Pharmaceutical & healthcare | 08 Mar 2018

Basilea reported a definable FY17, as a multitude of licensing/distribution agreements announced in 2016/17 for launched anti-infective drug assets Cresemba (isavuconazole) and Zevtera (ceftobiprole) aided reported product sales, royalty and milestone income. Total revenues grew 54% to CHF101.5m, of which CHF16.3m related to product sales and CHF15.0m to royalty income. Operating losses declined by 68% to CHF14.1m. For 2018, we expect operating losses to reduce further as higher R&D costs are offset by growth in total revenues. We value Basilea at CHF1,231m.

Basilea Pharmaceutica

Pfizer Cresemba deal extended to Asia and China

Update | Pharmaceutical & healthcare | 07 Dec 2017

Basilea has announced an extension to its licence agreement with Pfizer (PFE) for Cresemba (for invasive fungal infections). The original deal granted PFE exclusive commercialisation rights to the product in Europe (ex-Nordics), Russia, Turkey and Israel and the new amendment includes China and 16 countries within Asia Pacific. The extension of Cresemba’s global footprint at this stage highlights PFE’s commitment to the product in areas outside of Europe. Concomitantly Basilea has updated its guidance for FY17 to a reduced operating loss of CHF1m per month vs CHF2m per month. Our valuation rises slightly to CHF1,222m.

Basilea Pharmaceutica

The future looks bright

Outlook | Pharmaceutical & healthcare | 11 Oct 2017

Basilea’s prognosis looks good. Multiple licensing/distribution agreements announced for launched assets Cresemba and Zevtera should drive top-line growth faster than we had expected. Major deals include; Cresemba in Europe (ex Nordics), Russia, Turkey and Israel with Pfizer (CHF70m upfront plus up to $427m in regulatory and sales milestones and mid-teen royalties), Zevtera in China with CR Gosun, and in Europe with Cardiome. These licensing and distribution deals validate the commercial potential for both assets and enable the financial fire power to bolster Basilea’s existing, innovative R&D pipeline (with a focus on cancer and anti-infective drug resistance). Our upgraded valuation is CHF1,188m or CHF110/share (excluding treasury shares) vs CHF1,048 previously.

Basilea Pharmaceutica

Hat trick

Update | Pharmaceutical & healthcare | 11 Jul 2017

Basilea announced a hat trick of positive news flow in June. This includes two separate licensing deals covering Cresemba (for invasive mould infections) and Zevtera, as well as triggering the allocation of $54.8m reimbursement funding from the Biomedical Advanced Research and Development Authority (BARDA) relating to the advancement of Zevtera’s US phase III clinical programme for bacterial infections (trials to initiate H217). Most notable is the major licensing deal with Pfizer for Cresemba in Europe, Russia, Turkey and Israel; Pfizer is the partner of choice given its long-standing expertise in this market. Additionally, Avir Pharma has licensed both Cresemba and Zevtera for the Canadian market. Our forecasts and valuation are under review; we will update both post further disclosure on the PFE deal at the interim results on 10 August.

Basilea Pharmaceutica

Steady as she goes

Update | Pharmaceutical & healthcare | 01 Mar 2017

Basilea reported a solid set of 2016 numbers ahead of guidance, driven by higher than expected product sales in H216 combined with lower than expected operating costs. Cresemba (for invasive mould infections), in particular, continues to pick up momentum both in the EU and the US through US partner Astellas. Zevtera’s US pivotal Phase III clinical trial programme for bacterial infections remains on track to initiate in mid-2017. Multiple distribution and commercialisation agreements signed in H216 should lead to international launches starting from 2018 for both products. We value Basilea at CHF1,048m or CHF97/share.

Basilea Pharmaceutica

Licensing double act

Update | Pharmaceutical & healthcare | 16 Sep 2016

Basilea continues to make good partnering progress with key assets Cresemba for mould infections and Zevtera for bacterial infections. Both drugs will be developed and marketed across Latin America by Grupo Biotoscana (GBT), while Cresemba will be developed and marketed by Asahi Kasei Pharma in Japan. Basilea will receive a total upfront of CHF18m (to be treated as deferred revenue over a number of years), plus additional payments on reaching regulatory and commercialisation milestones (up to CHF60m from Asahi plus royalties, undisclosed amounts from GBT). We value Basilea at CHF1,091m.

Basilea Pharmaceutica

Zevtera US development full steam ahead

Update | Pharmaceutical & healthcare | 22 Apr 2016

Basilea has announced that BARDA, a division of the US Department of Health & Human Services Office, has awarded a contract of up to $100m for the Phase III development of antibacterial agent ceftobiprole (Zevtera) for the US market. Critically, this means that the Phase III trials in skin and bacteraemia (blood) infections could start as soon as late 2016/early 2017 once the company has agreed the Phase III study Special Protocol Assessments (SPAs) with the FDA. The BARDA contract now removes the uncertainty in timing for the Phase III clinical trial programme that would support Zevtera's US regulatory filing. We value Basilea at CHF1,114m or CHF103.2/share.

Basilea Pharmaceutica

Riding the crest of the novel antimicrobial wave

Initiation | Pharmaceutical & healthcare | 23 Mar 2016

Basilea is one of the few standalone European companies focused on developing novel antimicrobial drugs. It has two approved hospital-based products: Cresemba for severe mold infections and Zevtera for bacterial infections. Together these underpin the current valuation with upside potential from a US partnering deal for Zevtera and the early-stage oncology pipeline. A US Zevtera deal and potential sales progression for the antimicrobial portfolio are key near-term share price drivers. We value Basilea at CHF1,114.0m or CHF103.2/share.

Trillium Therapeutics

Edison healthcare quarterly: Immunotherapy takes centre stage

Sector Commentary: | Pharmaceutical & healthcare | 31 Jul 2013


Merrimack Pharmaceuticals

Edison healthcare quarterly: German (drug) reformation

Sector Commentary: | Pharmaceutical & healthcare | 10 Apr 2013


Basilea Pharmaceutica

Isa interest intensifies

QuickView | Pharmaceutical & healthcare | 08 Feb 2013

Pivotal isavuconazole data in H213 could reinvigorate investor attention and pave the way for filing in 2014. In addition, progress with the early stage pipeline continues. Although uncertainties remain around ceftobiprole, management's commitment to partnering rather than conducting further clinical trials is encouraging. The strong cash position reported with 2012 financial results underpins 70% of the current market cap, providing downside protection.