Swiss biotech group Basilea Pharmaceutica announced on Monday that it would acquire the rights to fosmanogepix, a broad-spectrum antifungal in development, from Pfizer subsidiary Amplyx.

This drug, which has a novel mechanism of action - and can be administered both intravenously and orally - is currently in Phase 2 trials for the treatment of candidiasis and invasive fungal infections.

David Veitch, Basilea's Chief Executive Officer, highlights a 'very promising' candidate at an advanced stage of development, offering an interesting avenue for the most difficult-to-treat fungal infections.

Basilea says it plans to initiate a Phase 3 clinical trial in the middle of next year.

The group expects to make a milestone payment of $37 million, before further payments of up to $110 million depending on the progress of the projects.

In total, its payments could reach $396 million, not including royalties on future sales of the drug.

In addition to fosmanogepix, Basilea has acquired the rights to another Amplyx antifungal, this time in preclinical development.

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