Uphill road for Cubist CVRs

When Merck & Co. Inc. (NYSE:MRK) acquires Cubist Pharmaceuticals Inc. (NASDAQ:CBST), the pharma will take over the contingent value rights the infectious disease company owes the former shareholders of Optimer Pharmaceuticals Inc. and Trius Therapeutics Inc. Based on existing and projected sales of the antibiotics tied to the two CVRs, Merck will have its work cut out.

Last year, Cubist acquired Optimer for up to $801 million and Trius for up to $818 million, depending on the outcome of the CVRs...