In This Article:
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Sale of Basilea’s novel PARG inhibitor discovery program
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Upfront and milestone payments of up to CHF 242 million and approximately 5% participation in net sales
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Important step in implementing Basilea’s strategic refocus on anti-infectives
Basel/Allschwil, Switzerland, September 08, 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 with Nodus Oncology (“Nodus”) for Basilea’s novel poly(ADP-ribose) glycohydrolase (PARG) inhibitor discovery program. PARG is a key enzyme in the repair of DNA damage and essential for tumor cells to grow. Nodus is a UK-based company developing first and best-in-class molecules inhibiting novel DNA damage response (DDR) targets. It will partner with the Lead Discovery Center GmbH (LDC) in Germany to continue the development of this program.
Adesh Kaul, Chief Financial Officer of Basilea, said: “We are happy to have found a specialized oncology partner with significant expertise in the DNA damage response space. The structure of the transaction ensures that Basilea continues to participate in the long-term value creation potential of this exciting program. We also continue our ongoing partnering discussions for BAL0891 and our second pre-clinical program, for which we aim to complete transactions before the end of 2022.”
Ian Waddell, Chief Executive Officer of Nodus Oncology, said: “Nodus’ acquisition of Basilea’s PARG inhibitor program demonstrates our ongoing commitment to developing, and bringing to patients, drugs addressing next generation DDR targets. We are excited to expand our portfolio and we look forward to working with LDC to advance this program.”
Under the terms of the agreement, Basilea will receive upfront and near-term research milestone payments of CHF 1.0 million. Basilea is also eligible to receive further payments of up to CHF 241 million upon the achievement of predefined development, regulatory and sales milestones, in addition to receive approximately 5% of net sales.
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.
About Nodus Oncology
Nodus Oncology is a biotech company developing first and best in class molecules focused on the DNA damage response (DDR) in patient sub-groups where molecular vulnerabilities exist. Founded by Cumulus Oncology, which contributes capital and oncology discovery and development expertise to the creation of new biotech companies, Nodus has received seed investment from both Cumulus Oncology and additional investors. Further information at: www.nodusoncology.com