Cubist announces exclusive option to buy Adynxx
Cubist Pharmaceuticals Inc., a Lexington company best known for its flagship drug, the antibiotic Cubicin, said Monday that it has an exclusive option to acquire Adynxx, a San Francisco company testing a pain-management drug.
Adynxx’s lead product candidate is currently designated as AYX1, and it seeks to reduce pain following surgery, Cubist said in a press release.
“This option agreement with Adynxx is an example of our disciplined efforts to expand our acute care pipeline, consistent with our Building Blocks of Growth goals,” said Steven Gilman, executive vice president and chief scientific officer of Cubist, said in a statement. “We are impressed with the pre-clinical and Phase 1 results to date of AYX1 and believe this program has the potential to become an important, new therapy that may help patients to address the significant issue of post-surgical and chronic pain.”
(Building Blocks of Growth is the name that Cubist has given to what it calls its “five-year road map.”)
Cubist said it will pay Adynxx to secure the option right. Cubist will fund the consideration with cash on hand. If Cubist exercises its right to acquire Adynxx, Cubist will make additional payments to the Adynxx stockholders.Chris Reidy can be reached at firstname.lastname@example.org.