Basilea has built a strong anti-infective pipeline, and acquiring fosmanogepix brings a Phase 3-ready novel antifungal. The anti-infective franchise at Basilea had been threatened by the Q4 2027 loss of exclusivity for Cresemba in the USA and Europe. We believe that adding fosmanogepix, with its compelling clinical data, removes future uncertainty as the drug's attributes suggest a commercially successful treatment option in a wide variety of critical fungal infections. We discuss the addition of several other clinical-stage anti-infective assets that also extend the franchise's longevity. We look forward to the forthcoming US approval of ceftobiprole and the attraction of a suitable commercial partner to maximise its commercial potential and further de-risk the investment case. Basilea is now a profitable, cash-generative company. Assuming further success with fosmanogepix, ceftobiprole, and the earlier-stage pipeline assets, it should continue to generate value for shareholders. We revise our forecasts and calculate a discounted cash flow fair value of CHF 110 per share for Basilea.