The Medicines Co. has acquired Rempex Pharmaceuticals, Inc., gaining several anti-infective assets, including Carbavance, Minocin IV, RPX-602, and a preclinical developmental program of novel investigational agents. The Medicines Co. paid Rempex equity holders $140 million upfront at closing and has agreed to pay $214 million for certain development and regulatory approval milestones, as well as $120 million in commercial milestones.
Carbavance is an investigational agent combining a novel beta-lactamase inhibitor (RPX7009) with a carbapenem for intravenous treatment of hospitalized patients with serious infections. Carbavance has completed Phase I dose-escalation studies in normal subjects, and is expected to enter registration studies in 2014. The Medicines Company will also continue Rempex's ongoing discovery program to identify other novel beta-lactamase inhibitor-based combination products designed to provide versatility in overcoming resistance mechanisms such as extended-spectrum beta-lactamase (ESBL), serine carbapenemase, and metallo beta-lactamase (MBL) production in gram-negative organisms.
The Medicines Company will market Minocin IV (Minocycline for Injection) in the U.S. for resistant infections due to Acinetobacter, which is frequently isolated in hospitals and prevalent in intensive care units. According to the CDC, about 63% of Acinetobacter is considered multidrug-resistant. Minocin IV is approved for the treatment of these multi-drug resistant infections, and surveillance data show a majority of isolates of Acinetobacter baumannii are susceptible to minocycline in vitro. The Medicines Co. expects to submit for U.S. approval an improved formulation of Minocin IV (RPX-602) in 2014.
Clive Meanwell, M.D., Ph.D., chairman and chief executive officer of The Medicines Company, said, "Acute and intensive care hospitals around the world face rapid and increasing antibacterial resistance, especially to gram-negative pathogens. The assets of Rempex, particularly Carbavance™, will allow us to intensify our efforts to save lives, alleviate suffering and contribute to the economics of healthcare by serving leading hospitals."
Michael Dudley, PharmD, senior vice president of R&D and chief scientific officer of Rempex Pharmaceuticals, Inc., said, "Carbapenems are among the most potent and safe antibiotics, and are now regarded as one of the last lines of defense following worldwide dissemination of cephalosporin resistance. We anticipate that Carbavance will profile better than any antibiotic on the market or currently in clinical development for multi-drug resistant gram-negative infections."
RBC Capital Markets served as the financial advisor and WilmerHale served as the legal advisor for the transaction. Rempex's financial advisor was BofA Merrill Lynch and Cooley LLP served as its legal advisor.