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Merck and British rival AstraZeneca Plc have
turned their attention to newer kinds of antibiotics that attack
superbugs - strains of bacteria that are resistant to several
types of antibiotics - after the 2013 threat report from the
U.S. Centers for Disease Control and Prevention.
The CDC estimated that more than 2 million people in the United
States are sickened every year by such infections, with at least
23,000 dying as a result.
Merck said on Monday that the deal, which will give it access to
Cubist's antibiotic Cubicin, is expected to add more than $1
billion to revenue in 2015 after closing in the first quarter.
Cubist's third-quarter sales rose 16 percent, driven by strong
sales of Cubicin.
Cubist's lead drug in development, Ceftolozane/Tazobactam, is
widely expected to win marketing approval from the U.S. Food and
Drug Administration later this month as a treatment for
complicated urinary tract infections.
Merck will pay $102 per share for Cubist, a premium of 37
percent to the Lexington, Massachussetts-based company's closing
share price of $74.36 on Friday.
The deal includes assumption of $1.1 billion in debt.
Cubist shares were trading at $101.15 premarket.
The New York Times, citing people briefed on the matter, first
reported the deal on Friday.
The Cubist deal is Merck's second big acquisition this year. The
company bought Idenix Pharmaceuticals for $3.85 billion in June
to boost its hepatitis C drug portfolio.
(Reporting by Vidya L Nathan in Bengaluru; Editing by Ted Kerr)
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