Basilea divest lisavanbulin rights to Glioblastoma Foundation

Swiss biotech Basilea Pharmaceutica (SIX: BSLN) revealed it has entered into an asset purchase agreement with the Glioblastoma Foundation for its oncology drug candidate lisavanbulin (BAL101553), which has been developed as a potential therapy for glioblastoma, the most common type of primary brain cancer.

Basilea will sell and transfer all rights to lisavanbulin to the Glioblastoma Foundation for an undisclosed initial purchase price. In addition, Basilea will participate in future proceeds from any potential commercial partnerships at a fixed double-digit percentage. The Glioblastoma Foundation will continue the post-trial access program for patients from previous clinical studies to continue to receive lisavanbulin. Also, the Glioblastoma Foundation will further explore the therapeutic value of lisavanbulin for the treatment of glioblastoma.

Lisavanbulin has been granted Orphan Drug designation by the US Food and Drug Administration (FDA) for the treatment of malignant glioma (brain cancer), including glioblastoma.