Basilea Pharmaceutica Ltd. (SIX: BSLN), a commercial-stage biopharmaceutical company, announced today its results for the financial year ended December 31, 2021, and strategic decisions to optimize the long-term value of its two business pillars, anti-infectives and oncology.
David Veitch, Chief Executive Officer, stated: “Following a strategic review, we have decided to separate our activities in anti-infectives from oncology. Our two businesses are at different stages of development, requiring different approaches. For our oncology assets, we aim to optimize the value through either portfolio or individual asset transactions, with partners specialized in oncology. We will focus in the future on the research, development and commercialization of innovative treatments for severe bacterial and fungal infections. Basilea is uniquely positioned to benefit from the improving business environment for anti-infectives and to become a leading company in this space, based on its proven expertise in advancing anti-infectives through research and development to the market.”
Adesh Kaul, Chief Financial Officer, said: “We have delivered very strong financial results in 2021. The performance and progress of our anti-infectives business is reflected by the 29% increase in royalty income year-on-year and the more than five-fold increase of regulatory and commercial milestone payments to CHF 49 million in 2021. Also maintaining a focus on our cost structure enabled us to further improve our operating cash flow. Our strategic decision to focus on anti-infectives, will accelerate our path to sustained profitability from 2023 and provides us with the financial flexibility to both invest in our internal pipeline and access external assets.”
In 2022, Basilea will continue its activities in oncology in order to ensure project continuity and progression. For derazantinib, the company will focus on continuing the FIDES-01 study in intrahepatic cholangiocarcinoma (iCCA) and the FIDES-03 study in gastric cancer, but de-prioritize the FIDES-02 program in advanced urothelial cancer. This entails stopping enrolment of patients in the substudies in first-line treatment of cisplatin-ineligible patients and in the treatment of patients refractory to other FGFR inhibitors. Patient enrolment has been challenging in these substudies, due to the evolving competitive environment in urothelial cancer treatment. For the remaining substudy, in the second-line treatment of patients with advanced urothelial cancer, patient enrolment into the first stage has been completed and patients will be followed-up through to data maturity.
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