Cubist Pharma signs two acquisition deals in one day

In what must have been a busy day for US drugmaker Cubist Pharmaceuticals (Nasdaq: CBST) announced not one, but two, merger agreements, firstly with New Jersey-based Optimer Pharmaceuticals (Nasdaq: OPTR) and secondly with San Diego-based Trius Therapeutics (Nasdaq: TSRX).

Cubist revealed that it will acquire all of the outstanding shares of Optimer common stock for $10.75 per share in cash, or around $535 million on a fully diluted basis. In addition to the upfront cash payment, each stockholder of Optimer will receive a contingent value right (CVR), which is expected to be publicly traded, entitling the holder to receive an additional one-time cash payment of up to $5.00 for each share they own if certain net sales of Dificid (fidaxomicin) are achieved, or a total transaction value of up to $801 million on a fully diluted basis. The transaction has been approved by the boards of directors of both companies.

Optimer received US Food and Drug Administration approval in May 2011 for Dificid, the first antibacterial drug approved in more than 25 years to treat Clostridium difficile-associated diarrhea (CDAD) in adults 18 years of age or older (The Pharma Letter May 11, 1011). The drug, which is partnered with Japan’s Astellas (TYO: 4503) for some markets, has also been cleared in Europe and some other territories (TPL December 13, 2011).