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Article: Peninsula Acquired For $245M; PPI-0903 Destined For Spinout.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
In a $245 million cash-for-stock transaction, Ortho-McNeil Pharmaceutical Inc. signed a definitive agreement to acquire Peninsula Pharmaceuticals Inc. and its lead anti-infective compound, doripenem.
The new member of the carbapenem class of beta-lactam antibiotics currently is in six Phase III trials and it has fast-track designation from the FDA to treat nosocomial pneumonia, including ventilator-associated pneumonia.
But Alameda, Calif.-based Peninsula has a second product, PPI-0903, that will not be part of the acquisition by Ortho-McNeil, a subsidiary of New Brunswick, N.J.-based Johnson & Johnson. Instead, that product, a ...