Cubist Acquires Right to Buy Pain Treatment Maker Adynxx
BRIEF: Cubist Acquires Right to Buy Pain Treatment Maker Adynxx [Boston Herald]
From Boston Herald (MA) (February 25, 2013)
Feb. 25--Cubist Pharmaceuticals Inc. of Lexington said today it has the exclusive right to acquire Adynxx, a San Francisco-based clinical stage pharmaceutical company developing a drug designed to prevent chronic pain post-surgery.
Adynxx, a privately held company, is currently in the midst of a second study of the drug, AYX1, which will assess the ability of a single administration of the drug at the time of unilateral knee arthroplasty, officials said.
"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," said Steven Gilman, executive vice president of research and development and chief scientific officer of Cubist. "We are pleased to continue to advance AYX1 through this mutually beneficial agreement which provides Cubist exclusive rights to acquire Adynxx in the future."
Cubist will pay Adynxx to secure the option right, pursuant to the agreement, and will fund the consideration with cash on hand, officials said. If Cubist exercises its right to acquire Adynxx, the former will make additional payments to the Adynxx stockholders.
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Posted: February 2013