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.
Analysts at GlobalData took a quarterly snapshot of the R&D expenses for a big batch of mid-cap biotechs and concluded that rising research costs were eroding corporate profitability. And they pinned the blame squarely on the pricey hunt for new cancer drugs.
Cubist Pharmaceuticals has stepped up with an option to buy out San Francisco-based Adynxx once it wraps up a mid-stage study of its lead drug for acute and chronic pain.
The drug discovery team at Heptares Therapeutics landed in San Francisco today with news of yet another development pact with a well-known biopharma player. This time its Boston, MA-based Cubist Pharmaceuticals which has jumped on the Heptares platform to find new drugs targeting G-protein coupled receptors.
Five years ago, when Chuck Magness and Shawn Iadonato completed the sale of Illumigen Biosciences to Cubist, the two were back at work on their new Seattle-based startup the very next day. Since then, they've been building a different kind of biotech, scooping up as much non-dilutive grant money as possible and looking to a nontraditional set of investors to fund the development of key assets.