In This Article:
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Sale of Basilea’s novel preclinical CLK kinase inhibitors
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Total payments of up to CHF 354 million
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Third oncology transaction as part of Basilea’s strategic refocusing on anti-infectives
Basel/Allschwil, Switzerland, November 2, 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 Twentyeight-Seven Therapeutics, Inc. (“28-7”) for novel inhibitors of CLK kinases, developed by Basilea, that target aberrant splicing of RNA in cancer. 28-7 is a US-based biotech company focused on important RNA and DNA regulators that contribute to the cause and maintenance of cancer, inflammation, and other human diseases.
Adesh Kaul, Chief Financial Officer of Basilea, said: “We are pleased with the sale of our CLK kinase inhibitor program to 28-7, a biotech company with specific expertise in understanding and targeting dysregulation of RNA and DNA processing and sensing, and therefore a preferred partner to move this important program forward. Aberrant RNA splicing is frequently found in human diseases and is increasingly recognized as a hallmark of cancer, thereby creating unique interventions to treat patients with serious diseases. We have secured a participation in the long-term value creation potential of this program and are well on track to complete our strategic refocusing on anti-infectives by the end of the year.”
Under the terms of the agreement, Basilea will receive an upfront payment of CHF 1 million and potential near-term milestone payments of CHF 2 million. Basilea is eligible to receive further payments of up to CHF 351 million upon the achievement of predefined development, regulatory and sales milestones.
In February of 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 Twentyeight-Seven Therapeutics
Twentyeight-Seven Therapeutics is a leading biotechnology company focused on developing first-in-class small molecule drugs that target proteins involved in the dysregulation of RNA and DNA processing and sensing mechanisms that lead to cancer, inflammation and other serious human diseases. The company’s core technology comes from its four founding scientists, all leading researchers in RNA biology and cancer. www.twentyeight-seven.com