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.
