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Cubist takes option to acquire Illumigen
November 2007
SHARING OPTIONS:

LEXINGTON, Mass.óCubist Pharmaceuticals Inc. and Seattle-based Illumigen Biosciences Inc. recently announced that they have signed an agreement under which Cubist has an exclusive option to acquire Illumigen on terms that have been agreed to by the parties. For the option, Cubist will pay $4.7 million and also will pay approximately $1 million for an IND-enabling study of Illumigen's lead compound, IB657, and for Illumigen's operating costs during the option period. IB657 is a protein therapeutic in late-stage preclinical development as an interferon replacement product for the treatment of Hepatitis C virus (HCV) infections.

Mike Bonney, president and CEO of Cubist, says, "This option provides us with an opportunity to immediately leverage our anti-infective development and regulatory expertise. The unmet medical need which IB657 would address represents a substantial market opportunity. If we exercise our option, adding an HCV compound will be an important step as we develop a pipeline behind our successful IV antibiotic CUBICIN."
 

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