Theravance Biopharma, Inc. (NASDAQ: TBPH) (“Theravance Biopharma” or the “Company”) today announced the sale of its proprietary antibiotic, VIBATIV® (telavancin), to Cumberland Pharmaceuticals, Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on the delivery of high-quality prescription brands to improve patient care. Under the terms of the agreement, Cumberland will pay Theravance Biopharma a total of $25 million and tiered royalties of up to 20% on future US net product sales.
VIBATIV is a once-daily, injectable lipoglycopeptide antibiotic approved in the US for the treatment of adult patients with hospital-acquired and ventilator-associated bacterial pneumonia (HABP/VABP) caused by susceptible isolates of S. aureus when alternative treatments are not suitable. In addition, VIBATIV is approved in the US for the treatment of adult patients with complicated skin & skin structure infections (cSSSI) caused by susceptible isolates of Gram-positive bacteria, including S. aureus, both methicillin-susceptible (MSSA) and methicillin-resistant (MRSA) strains. The product labeling also describes the use of VIBATIV in treating patients whose pneumonia or skin infection is complicated by concurrent bacteremia.
“This transaction with Cumberland Pharmaceuticals allows Theravance Biopharma to sharpen our focus on our most important strategic priorities, including preparations for the potential launch of YUPELRI™ (revefenacin) in COPD, if approved, plus executing on key pipeline programs,” stated Rick E Winningham, chairman and chief executive officer at Theravance Biopharma. “VIBATIV plays an important role in the growing global battle against antibiotic resistance. As we continue our focus on important programs outside of the anti-infectives market, we determined that the product could be best supported by another party. We believe that Cumberland’s track record of successfully marketing and selling hospital-based products combined with VIBATIV’s existing base of hospital formulary inclusions positions them to drive commercial success for VIBATIV as a flagship product and ensures the important therapeutic benefits of VIBATIV reach as many patients as possible.”
“VIBATIV is a lifesaving treatment for certain difficult to treat infections, and we are honored to be selected to acquire and transition the brand to our existing hospital acute care infrastructure,” said A.J. Kazimi, chief executive officer of Cumberland Pharmaceuticals. “Our immediate plan for VIBATIV is to ensure a smooth transition of the product supply and medical support to current users of the brand. We will then launch our hospital promotion and medical initiatives to help ensure that the product is available to the patients who need it. We are very optimistic about the opportunity that VIBATIV will offer Cumberland.”
The transaction is expected to close in mid-November, pending satisfaction of customary closing conditions.
Theravance Biopharma will provide additional remarks on its previously-scheduled third quarter 2018 earnings call today at 5:00pm ET, and call information is available here.
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