GlobeNewswire by notified

Basilea announces acquisition of rights for oncology asset BAL0891 by SillaJen and updates financial guidance

Share
  • Upfront and near-term milestone payments of USD 14 million
  • Additional milestone payments of approximately USD 320 million and tiered royalties on net sales
  • Second oncology transaction as part of strategic refocusing on anti-infectives
  • Full-year 2022 revenue guidance increased, resulting in improved expected operating result and operating cash flow

Ad hoc announcement pursuant to Art. 53 LR

Basel/Allschwil, Switzerland, September 20, 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 and a sub-license agreement with SillaJen, Inc. for Basilea’s novel kinase inhibitor, BAL0891, a potential first-in-class mitotic checkpoint inhibitor, that drives aberrant tumor cell division leading to tumor cell death.

Basilea in-licensed BAL0891 in 2018 from the Dutch precision medicine company NTRC. Under the asset purchase agreement Basilea is selling its intellectual property rights generated under the license and collaboration agreement with NTRC. In addition, Basilea is sub-licensing its rights and obligations under the license and collaboration agreement with NTRC to SillaJen.

Adesh Kaul, Chief Financial Officer of Basilea, said: “We are pleased to have found in SillaJen an experienced oncology partner for the further development of BAL0891. This transaction marks an important step on our path to be a focused anti-infectives company. We are proud to have advanced BAL0891 through preclinical development to the start of clinical studies. The unique inhibition profile of BAL0891, targeting both TTK and PLK1 kinases, differentiates the compound and offers the potential for development in multiple cancers. Through the structure of the transaction we continue to participate in the long-term value creation potential of this promising program.”

Jaegyeong Kim, MD, CEO at SillaJen, Inc. stated: “We are excited to acquire the rights to BAL0891. This agreement for a first-in-class anti-cancer drug, demonstrates our commitment to enhance lives of patients suffering from advanced solid tumors. In addition to our leading pipeline of Pexa-Vec, and the next generation SJ-600 series of oncolytic virus modalities, we are committed to advance and further develop medicines that will address the greatest unmet needs in cancer treatment. We hope to successfully deliver these products and help alleviate the burden of cancer patients worldwide."

Under the terms of the agreement, Basilea will receive upfront and near-term milestone payments of USD 14 million. Basilea is also eligible to receive further payments of up to approximately USD 320 million upon the achievement of predefined development, regulatory and sales milestones and tiered royalties on net sales starting in the single digit range going up to double-digits. Basilea remains responsible for making milestone and royalty payments to NTRC according to the license and collaboration agreement with NTRC.  

In February 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.

Basilea updates its full-year 2022 financial guidance. It expects higher total revenues of CHF 116 to 122 million (previously CHF 106 to 112 million), an improved operating result of CHF -10 to -15 million (previously CHF -20 to -25 million) and improved cash flow from operating activities of CHF 0 to -5 million (previously CHF -10 to -15 million).

About SillaJen, Inc.

SillaJen, Inc. (KOSDAQ:215600) is one of the leading biotech companies in the development of oncolytic vaccinia immunotherapy. It is headquartered in Seoul, South Korea, with research center and satellite offices in Busan, South Korea and San Francisco, CA. SillaJen, Inc. is conducting Phase 2 trials for the treatment of renal cell carcinoma with the company’s lead pipeline, Pexa-Vec. The company is also developing intravenous injectable oncolytic vaccinia virus pipelines (SJ-600 series) to be more applicable and efficacious against various tumors. Additional information about SillaJen, Inc. is available at www.sillajen.com.

About BAL0891

BAL0891 is a first-in-class mitotic checkpoint inhibitor that pushes cells through mitosis without adequate time for correct chromosome segregation. This results in aberrant tumor cell division leading to tumor cell death. The compound is a unique dual inhibitor of threonine tyrosine kinase (TTK) and polo-like kinase 1 (PLK1). Both kinases collaborate in activating the mitotic spindle assembly checkpoint (SAC), a cell division mechanism regulating correct chromosome alignment and segregation. The dual action of BAL0891 leads to a rapid disruption of the SAC driving cells through mitosis before the chromosomes are properly aligned, leading to premature cell division and tumor cell death. BAL0891 has shown anti-proliferative activity across diverse tumor cell lines in vitro and single agent efficacy in in-vivo models of solid human cancers. BAL0891 was in-licensed from NTRC in 2018.

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 (SIX: BSLN). Please visit basilea.com.

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
E-mail media_relations@basilea.com
investor_relations@basilea.com

This ad hoc announcement can be downloaded from www.basilea.com.

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Telenor etablerer fiberselskap i Norge7.10.2022 08:55:29 CEST | Pressemelding

(Fornebu 07 september 2022) Telenor inngår en transaksjon som skal støtte fremtidige investeringer i Norges telekominfrastruktur. Tidligere i år påbegynte Telenor en prosess for å vurdere etableringen av et eierselskap for passiv fiberinfrastruktur, med en medinvestor i en minoritetsposisjon. Telenor har nå kommet til enighet om å selge 30 prosent av det nye fiberselskapet til et konsortium ledet av det globale investeringsselskapet KKR, som investerer gjennom sin kjerneinfrastrukturstrategi. Konsortiet inkluderer Oslo Pensjonsforsikring som medinvestor. Det nyetablerte selskapet er et datterselskap av Telenor og vil bli en del av det nye forretningsområdet Telenor Infrastruktur. Selskapet vil eie de passive elementene i det norske fibernettet. Dette omfatter omtrent 130.000 kilometer med kabler som leverer tjenester til omtrent 560.000 husstander. Eiendelene vil bli skilt ut fra Telenor Norge før transaksjonen sluttføres. Telenor Norge blir selskapets eneste kunde og alle operasjonell

Telenor establishes fibre company in Norway7.10.2022 08:55:29 CEST | Press release

(Fornebu 7 September 2022) Telenor enters into a transaction supporting future investments in Norway's telecom infrastructure. Earlier this year, Telenor initiated a process of evaluating the establishment of a passive fibre infrastructure ownership company with a minority co-investor. Telenor has now reached an agreement to divest 30 percent of the newly established company, Telenor Fiber AS, in Norway to a consortium led by KKR, investing through its Core Infrastructure strategy. The consortium includes Oslo Pensjonsforsikring as a co-investor. The newly established company is a subsidiary of Telenor and will be a part of the Infrastructure business area. The company will own the passive fibre assets in Norway. This includes 130,000 km of cables, connecting upwards of 560,000 homes. The company’s assets will be transferred from Telenor Norway in a demerger process prior to completion of the transaction. Telenor Norge will be the company’s only customer and all operational processes r

Sampo plc’s share buybacks 06/10/20227.10.2022 07:30:00 CEST | Press release

SAMPO PLC STOCK EXCHANGE RELEASE 07/10/2022 at 08:30 am Sampo plc’s share buybacks 06/10/2022 On 06/10/2022 Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI0009003305) as follows: Sampo plc’s share buybacksAggregated daily volume (in number of shares)Daily weighted average price of the purchased shares*Market (MIC Code)14,28144.90AQEU46,32744.76CEUX9,49144.89TQEX89,90144.82XHELTOTAL160,00044.81 *rounded to two decimals On 9 June 2022, Sampo announced a share buyback programme of up to a maximum of EUR 1 billion in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. The programme, which started on 10 June 2022, is based on the authorization granted by Sampo's Annual General Meeting on 18 May 2022. After the disclosed transactions, the company owns in total 11,395,404 Sampo A shares representing 2.14 per cent of the total number of shares in Sampo plc. Details of e

CSC and Intertrust have obtained Regulatory Clearance from the Central Bank of the Bahamas7.10.2022 07:15:00 CEST | Press release

JOINT PRESS RELEASE This is a joint press release by Intertrust N.V. ("Intertrust" or the "Company") and CSC (Netherlands) Holdings B.V. ("CSC" or the "Offeror") in connection with the recommended public offer (the "Offer") by the Offeror for all the issued and outstanding ordinary shares in the capital of Intertrust. This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in Intertrust. Any offer will be made only by means of the offer memorandum (the "Offer Memorandum") approved by the Dutch Authority for Financial Markets (Stichting Autoriteit Financiële Markten, the "AFM") which was published on 31 March 2022, and subject to the restrictions set forth therein. With reference to the joint press releases of 6 December 2021, 31 March 2022, 30 May 2022, 21 July 2022, and the Intertrust press release of 31 May 2022, the Offer is subject to the satisfaction or waiver of the offer conditions, all in accordance with the terms

Galapagos provides further insights into the treatment of ulcerative colitis at the upcoming United European Gastroenterology (UEG) Week 2022 congress6.10.2022 22:01:00 CEST | Press release

Five presentations demonstrate Galapagos' commitment to inflammation and the ulcerative colitis (UC) communityNew analyses will be presented from the SELECTION data set on prediction of response and remission, histology data and trajectory modelPresentation on safety data of filgotinib in enriched risk population in rheumatoid arthritis Mechelen, Belgium; 6 October 2022, 22.01 CET, Galapagos NV (Euronext & NASDAQ: GLPG) will present data at the United European Gastroenterology(UEG)Week2022,taking place from8-11 October 2022. Several Galapagos driven presentationswill be showcased, including new post hoc analyses of the SELECTION study, which investigated the safety and efficacy of Jyseleca®(filgotinib), an oral, once-daily, JAK1 preferential inhibitor, in patients with moderately to severely active UC. Dr Walid Abi-Saab, Chief Medical officer of Galapagos said, “We continue to analyze data from the different studies of filgotinib in patients with UC to inform and empower healthcare pro