Cubist completes $92.5 million Calixa buyout

AP News
Posted: Dec 16, 2009 5:36 PM

Cubist Pharmaceuticals Inc. said Wednesday it completed the $92.5 million cash buyout of biopharmaceutical company Calixa Therapeutics Inc.

The company announced the deal Monday.

Cubist acquires rights to develop and sell Calixa's lead compound, CXA-201, an intravenous treatment for serious bacterial infections. It obtains the same rights for products tied to another compound, CXA-101.

Under the deal, Cubist could be required to make payments of up to $310 million if it meets certain development, regulatory and commercial milestones related to products that incorporate CXA-101.

Shares of Cubist rose 18 cents to close at $19.