Basilea continues sale of assets

Swiss biotech Basilea Pharmaceutica (SIX: BSLN) continues its positive wave of third-quarter 2022 activity with the successful asset purchase and sub-licence agreement of its tyrosine kinase/polo-like kinase 1 (TTK/PLK1) inhibitor, BAL0891, to SillaJen (Kosdaq:215600), a South Korean biotech.

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.

The deal will see Basilea receive up to $14 million in upfront and near-term milestones, with potential future milestone payments of up to around $320 million. The company is also entitled to tiered royalties on net sales, which will range from single- to double-digit percentages.