Pfizer’s Cresemba Sales Trigger $26M Milestone to Basilea

Basilea Pharmaceutica Ltd., a commercial-stage biopharmaceutical company focused on severe bacterial or fungal infections, reported that sales of the antifungal Cresemba (isavuconazole) by its license partner Pfizer in Europe and the Asia Pacific and China regions, respectively, exceeded thresholds that triggered two separate milestone payments totaling $26.25 million to Basilea.
 
David Veitch, Chief Executive Officer of Basilea, said, “These sales milestone events confirm that Cresemba continues to serve a medical need in patients suffering from life-threatening invasive mold infections in many countries across the globe.”
 
Based on the license agreement, Basilea is entitled to receive milestone payments upon Pfizer’s Cresemba sales exceeding certain thresholds, in Europe (excluding the Nordic countries), as well as in China and sixteen countries in the Asia Pacific region. Under the terms of the agreement, Basilea is eligible for milestones of up to approximately CHF 515 million, in addition to mid-teen royalties on sales.
 
Cresemba has been approved in 73 countries to date and is currently marketed in 67 countries, including the U.S., most EU member states and additional countries outside of Europe. In 2022, total global in-market sales of Cresemba amounted to $373 million, a 15 percent growth year-on-year.