Spexis announces closing of sale of preclinical antibiotics program to Basilea

Spexis AG / Key word(s): Miscellaneous Spexis announces closing of sale of preclinical antibiotics program to Basilea 08-Feb-2024 / 07:15 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR

Allschwil, Switzerland, February 8, 2024

Spexis announces closing of sale of preclinical antibiotics program to Basilea

 

• Basilea to pay up to CHF 2 million for a preclinical program with novel antibiotics targeting Gram-negative bacteria, including multidrug-resistant strains
• Transaction is part of Spexis’ efforts to partner or divest non-core programs and assets as the company works through its moratorium status
• Transaction was subject to certain closing conditions, which now have been met and which will commence payments from Basilea to Spexis

 

Spexis AG (SIX: SPEX), a clinical-stage biopharmaceutical company focused on macrocycle therapeutics for rare diseases and oncology, today announced that it has closed its asset purchase agreement with Basilea Pharmaceutica Ltd, Allschwil (SIX: BSLN) wherein Basilea has now formally become the owner of a preclinical program of antibiotics developed by Spexis from a novel class targeting Gram-negative bacteria, including multidrug-resistant strains.¹   The transaction was subject to the approval by the Western District Court of the Canton Basel-Landschaft, which has now been obtained.

As part of the completed transaction, Basilea has acquired all program compounds, including intellectual property, and is paying Spexis up to a total of CHF 2 million, which consists of an upfront payment which was now received at closing, a payment related to the near-term transfer of the assets to Basilea, which is expected by the end of February and a potential final milestone payment related to the availability of near-term external funding for the further development of the program.  In addition, Basilea has assumed the rights and obligations of Spexis related to the program, including potential low single-digit percentage royalties on sales, under licensing agreements.