Cubist Acquires Illumigen Biosciences

Cubist Pharmaceuticals has acquired Illumigen Biosciences, which specializes in the use of human genetic mutations in drug discovery and development. Illumigen's lead compound, IB657, is in preclinical development for the treatment of hepatitis C virus (HCV) infection. Under the deal, Cubist will pay $9 million to establish Illumigen as a subsidiary and will pay Illumigen's former owners up to $75.5 million upon reaching regulatory milestones. Cubist could pay up to $117 million for the development of products that treat viruses other than HCV. Cubist CEO Mike Bonney says the firm hopes to make an investigational new drug filing for IB657 and begin clinical trials this year.