LEXINGTON, Mass.--(BUSINESS WIRE)--Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) announced today that it has completed its acquisition of Optimer Pharmaceuticals, Inc. (NASDAQ: OPTR) for an aggregate upfront cash consideration of approximately $551 million. Optimer stockholders approved the merger agreement at a special meeting of stockholders held on October 23, 2013. Effective today, Optimer common stock will cease to be traded on the NASDAQ.
Cubist’s acquisition of Optimer follows the Company’s September 11, 2013 acquisition of Trius Therapeutics. Combined, Cubist expects the two acquisitions to add peak-year revenue of between $600 million and $1 billion and to be accretive to earnings in 2015.
The completion of these two transactions will also help Cubist accelerate its focus on the research, development, and commercialization of products for patients in the acute care/hospital setting. As part of this mission, Cubist will focus on driving its Building Blocks of Growth strategic goals through:
- A strong and growing commercial foundation and revenue base that the Company expects will deliver over $1 billion in 2013 revenue, driven by three marketed products: CUBICIN® (daptomycin for injection), ENTEREG® (alvimopan), and DIFICID® (fidaxomicin);
- An exciting late stage pipeline, including tedizolid phosphate, for which the Company has submitted a New Drug Application with the U.S. Food and Drug Administration, as well as ceftolozane/tazobactam, surotomycin, and bevenopran, all of which are in Phase 3 clinical trials; and
- A growing, global commitment to public health through Cubist’s leadership in antibacterial R&D; Cubist hopes to deliver at least four of the Infectious Diseases Society of America’s goal of 10 new antibiotics by 2020.
“We are excited to complete this transaction and to welcome the Optimer team to Cubist,” said Michael Bonney, Chief Executive Officer of Cubist. “Over the past few months, we have dramatically strengthened our commitment to global public health by bolstering our leadership in the research and development of antibiotics to treat serious and life-threatening pathogens. In doing this, our team has demonstrated the creativity and prudent risk-taking required to drive significant shareholder value in today’s highly dynamic healthcare environment.”
About Cubist
Cubist Pharmaceuticals, Inc. is a
biopharmaceutical company focused on the research, development, and
commercialization of pharmaceutical products that address significant
unmet medical needs in the acute care environment. Cubist is
headquartered in Lexington, Mass. Additional information can be found at
Cubist’s web site at www.cubist.com.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and other federal securities laws. Any
statements contained herein which do not describe historical facts,
including but not limited to, statements regarding: the anticipated
strategic benefits of acquiring Optimer and Trius, including combined
peak-year revenue estimates for the acquisitions and expected timing for
the deals to be accretive to earnings; our future financial and
operating results, including our expectations for 2013 revenues; our
long-term goals, including our Building Blocks of Growth strategic goals
and our aspiration to deliver against the IDSA’s goal of 10 new
antibiotics by 2020; and our late stage pipeline, are forward-looking
statements which involve risks and uncertainties that could cause actual
results to differ materially from those discussed in such
forward-looking statements. Such risks and uncertainties include: our
ability to successfully integrate Optimer’s and Trius’ operations and
employees; the anticipated benefits of either transaction may not be
realized; risks related to drug development and commercialization; our
ability to achieve our long-term goals, including as a result of our
ability to continue to grow revenues from the sale of CUBICIN, ENTEREG
and DIFICID, generic and other competition, manufacturing issues, our
ability to successfully develop, gain marketing approval for and
commercially launch our product candidates for their planned indications
and on their expected timelines, and our ability to discover, in-license
or acquire new products and product candidates; and those additional
factors discussed in Cubist’s, Optimer’s and Trius’ most recent
Quarterly and Annual Reports on Forms 10-Q and 10-K filed with the
Securities and Exchange Commission. Cubist cautions investors not to
place considerable reliance on the forward-looking statements contained
in this press release. These forward-looking statements speak only as of
the date of this document, and Cubist undertakes no obligation to update
or revise any of these statements.