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Cubist will pay up to $800M to acquire Jersey City-based Optimer Pharmaceuticals

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Cubist Pharmaceuticals Inc., of Lexington, Mass., on Tuesday announced it will acquire Jersey City-based Optimer Pharmaceuticals Inc. in a deal worth as much as $800 million.

According to the announcement, Cubist will acquire all outstanding shares of Optimer common stock for $10.75 per share in cash, for a total of $535 million. In addition to the upfront cash payment, each stockholder of Optimer will receive a contingent value right entitling the holder to receive an additional one-time cash payment of up to $5.00 for each share they own if certain sales targets are achieved.

Optimer received regulatory approval in May 2011 for Dificid, the first antibacterial drug approved in more than 25 years to treat certain types of diarrhea in adults.

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