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Cubist to acquire Trius, Optimer

July 31, 2013 12:17 AM UTC

Cubist Pharmaceuticals Inc. (NASDAQ:CBST) announced late Tuesday that it is acquiring two other infectious disease companies in cash and contingent value right (CVR) deals worth up to a total of $1.6 billion. Cubist is acquiring partner Optimer Pharmaceuticals Inc. (NASDAQ:OPTR) for up to $801 million and Trius Therapeutics Inc. (NASDAQ:TSRX) for up to $818 million. Both deals have been approved by the boards of all of the companies and are slated to close this year.

Trius shareholders will receive $13.50 in cash, which Cubist and Trius said values the latter at about $707 million. The price is a 15% premium to Trius' close of $11.71 on Tuesday, before the deal was announced. Trius shareholders also will receive a non-tradable CVR worth up to $2 that is tied to sales of Trius' tedizolid. This half, Trius plans to submit an NDA to FDA for both an oral and IV formulation of the antibiotic to treat acute bacterial skin and skin structure infections (ABSSSI), with an MAA submission to EMA planned for 1H14. ...