One week before Cubist celebrated the FDA's approval of Sivextro, an antibiotic that figured prominently in its $707 million buyout of a biotech named Trius, the biotech's former CEO filed papers with the SEC outlining a $30 million raise for a new antifungal venture currently called K2 Therapeutics along with $6 million in funds to buy new assets.
Cubist Pharmaceuticals has again been tripped up by one of its contractors, having to recall a single lot of its injectable antibiotic Cubicin because of particulate. The recall comes 8 months after a similar problem led it to recall four lots of the drug.
Cubist's latest antibiotic won praise from a panel of FDA advisers, setting the stage for a likely approval and head-to-head competition with Pfizer's blockbuster Zyvox.
Cubist Pharmaceuticals' in-development antibiotic aced the second leg of its Phase III program, the company said, paving the way for an FDA application and bumping its shares up another 9%.
Just over a month after crossing the T's on a $535 million acquisition by Cubist Pharmaceuticals, Optimer Pharmaceuticals is shedding 177 jobs in the U.S. and Canada, New Jersey's Star-Ledger reports.
Shares of Cubist Pharmaceuticals surged this morning after the Lexington, MA-based company announced that it had reaped promising data from its Phase III of its antibiotic candidate ceftolozane/tazobactam in complicated urinary tract infections.
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According to an FDA report, an internal investigation has tabbed the root cause as a manufacturing issue with an unnamed supplier. Cubist has called off all manufacturing with that supplier, and the Lexington, MA-based pharma won't resume production there until the supplier fixes problems and installs preventative measures. So far, the company has not received complaints related to the particles, the report says.
Cubist Pharmaceuticals surprised some analysts with the announcements of two major acquisitions Tuesday afternoon, agreeing to buy both Trius Therapeutics and Optimer Pharmaceuticals to build its antibiotics business. The combined deal values $1.6 billion in all.
Lexington, MA-based Cubist Pharmaceuticals has bought out Astellas' rights to ceftolozane, putting up $25 million in cash for an antibiotic that has demonstrated some promising outcomes in clinical studies.