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.