Basilea Pharmaceutica - Cresemba IV formulation approved in China

Basilea has announced the approval in China of the intravenous (IV) formulation of Cresemba, the company’s antifungal drug, for treating adult patients with invasive aspergillosis and invasive mucormycosis. The oral formulation of Cresemba is already approved in China where it is marketed by Basilea’s licence partner in the region, Pfizer. We see approval of the IV formulation as a positive development for Basilea; in 2021 China accounted for 19% of the global antifungal drug market, second only to the United States. However, we continue to see inclusion of Cresemba on the National Reimbursement Drug List (NRDL) in China as key to unlocking the full value of the Chinese market. We expect Basilea to benefit from the considerable experience of Pfizer in navigating the NRDL inclusion process for Cresemba. We continue to value Basilea Pharmaceutica at CHF847.7m or CHF71.6/share.