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Pfizer, Basilea extend license agreement for antifungal drug

Pfizer Inc. and Basilea Pharmaceutica AG extended a licensing agreement for antifungal Cresemba to include China and the Asia-Pacific region.

The extension grants Pfizer exclusive development and commercialization rights in China, including Hong Kong and Macao, and 16 countries in the Asia-Pacific region.

Under the terms of the amendment, Basilea will receive an upfront payment of $3 million and is eligible to receive up to about $223 million in additional milestone-related payments based on the added regions. Basilea will also receive royalties in the mid-teens range on Pfizer's sales in the region.

The agreement is subject to customary regulatory approval.

In June, Basilea granted Pfizer the rights for its anti-fungal treatment in Europe, Russia, Turkey and Israel, excluding Denmark, Finland, Norway, Sweden and Iceland.

Based on the amendment, Basilea updated its financial guidance for 2017 and now expects a reduced operating loss of CHF1 million on average per month, as opposed to the previously estimated CHF2 million on average per month.