Basilea has secured up to $268m from BARDA through a multi-year Other Transaction Agreement (OTA), significantly enhancing its ambitions to become a leading anti-infectives company. The financial flexibility in the agreement should permit the company to expedite pipeline progress. Basilea has suggested that the award will cover approximately 60% of the costs of developing its current antifungal pipeline. The attraction of BARDA funding reflects the importance of fosmanogepix, the need for novel antifungals targeting critical fungal infections, and the emergence of resistance to currently available antifungal classes. The WHO's introduction of a list of critical fungal infections should stimulate interest, and Basilea now stands to be a major beneficiary. Our forecasts include new guidance for 2024F and reflect a period of substantial positive cash flow and sustainable profitability. The addition of the BARDA funding now offsets a significant portion of expected R&D spending. We have raised our forecasts and increased our DCF-derived valuation to CHF 120 per share.