Basilea Pharmaceutica - New supportive data from ERADICATE

Basilea Pharmaceutica has presented detailed data from the Phase III ERADICATE study of Zevtera (ceftobiprole) in the treatment of Staphylococcus aureus bacteraemia (SAB). In this, Zevtera demonstrated an overall success rate of 77.9% (77.8% for daptomycin), a microbiological eradication rate of 82.0% (77.3% for daptomycin), an all-cause mortality rate of 9.0% (9.1% for daptomycin) and a new SAB complications rate of 5.8% (5.6% for daptomycin) at 70 days post-randomisation in the modified intent-to-treat population. Additionally, the median time to bloodstream clearance for methicillin susceptible Staphylococcus aureus (MSSA) was three days with Zevtera (four days with daptomycin), and five days for MRSA for Zevtera and daptomycin. These secondary outcomes add to the previous reporting that ERADICATE met the primary endpoint of non-inferiority versus the comparator arm. We see these new data as supportive of Zevtera’s utility in treating serious bacterial infections and as an important result for the company. Our valuation of Basilea Pharmaceutica is unchanged at CHF903.5m or CHF76.3/share.