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Third Leg of Strategy Executed With Debt Repayment

Basilea Pharmaceutica is focused on treating infectious diseases. Basilea has announced the full repayment of the CHF113.8m outstanding amount under its 2.75% convertible bonds due on 23 December 2022, supported by growing cash inflows from marked drugs and the CHF75m senior secured loan raised in September 2022. The repayment reduces the company’s indebtedness from ~CHF287m to CHF173m and had been reflected in our estimates and valuation. FY22 has been characterised by Basilea’s efforts to right-size itself (focus on anti-infectives and sale of oncology assets) and the debt repayment should further improve investor sentiment. This news follows the recent announcement of licensing partner Asahi Kasei receiving marketing approval for Basilea’s flagship drug, Cresemba, in Japan, a key market for Basilea. Edison Group’s valuation remains unchanged at CHF921.7m (CHF77.8/share).

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