Merck splashes into antibiotics with $9.5B Cubist deal – FierceBiotech
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Merck ($MRK) is shelling out $9.5 billion for antibiotics specialist Cubist Pharmaceuticals ($CBST), joining the wave of major drugmakers with a renewed interest in anti-invectives.
Under the deal, Merck will hand over $102 in cash for each Cubist share, a 35% premium to the company’s average stock price last week. That gives Cubist an equity value of $8.4 billion, and Merck is signing up to cover another $1.1 billion in debt, expecting to close the acquisition in the first quarter of next year.
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The Cubist CEO said in a statement. “Under Merck’s robust commercial platform, global reach and scientific expertise, we believe Cubist’s programs can thrive. We’re proud of the company that our team has built and are confident that Cubist’s important mission and focus on significant unmet medical needs will continue.”
Let’s hope so…