Cubist
Pharmaceuticals, Inc. (NASDAQ: CBST) a leading acute care
therapeutics company, announced today the signing of a definitive
agreement under which Cubist has agreed to acquire privately held Calixa
Therapeutics Inc., a biopharmaceutical company focused on the
development of novel antibiotics that address the expanding problem of
multi-drug resistant Gram-negative pathogens. The Boards of Directors of
each company have unanimously approved the agreement. Subject to
obtaining requisite consents and other conditions, the acquisition is
expected to close in the fourth quarter of 2009.
Calixa’s lead compound, CXA-201 is an intravenously administered
combination of Calixa’s novel anti-pseudomonal cephalosporin CXA-101,
which is currently in Phase 2 clinical trials for cUTI, and the
β-lactamase inhibitor tazobactam. Cubist would obtain Calixa’s rights to
develop and commercialize CXA-201, and other products that incorporate
CXA-101 (previously FR264205), which Calixa acquired from Astellas
Pharma Inc. Calixa has such rights in all territories of the world
except select Asia-Pacific territories.
CXA-201 is being developed as a first-line intravenous therapy for the
treatment of certain serious Gram-negative bacterial infections in the
hospital, including those caused by multi-drug resistant P. aeruginosa.
Its demonstrated potency against P. aeruginosa would give CXA-201
a highly differentiated profile versus marketed antibiotics. Cubist
anticipates advancing the program for cUTI and cIAI in the first half of
2010. The next study in the cUTI program would take into consideration
the results of the ongoing cUTI trial with CXA-101 and, in addition, a
Phase 2 trial of CXA-201 for cIAI would be planned for the first half of
2010. Cubist also would expect to begin clinical studies of CXA-201 for
the nosocomial pneumonia indication in the second half of 2010. Assuming
successful development, Cubist would expect to file a New Drug
Application for CXA-201 in the second half of 2013.
Pursuant to the terms of the agreement, on closing, Cubist would pay to
the Calixa stockholders $92.5 million in cash, subject to certain
adjustments, and Calixa would become a wholly-owned subsidiary of
Cubist. Cubist also would be required to make potential payments to the
Calixa stockholders of up to $310 million upon achieving certain
development, regulatory, and commercial milestones related to products
which incorporate CXA-101. No financing would be necessary to complete
the acquisition of Calixa or to fund the development of Calixa’s product
candidates.