Forest Laboratories completes acquisition of Cerexa

Forest Laboratories has this week announced the completion of its acquisition of Cerexa. The companies had previously announced a definitive agreement for the transaction last December.

Cerexa is a biopharmaceutical firm that is focused on the discovery, development and commercialisation of innovative anti-infective therapies to treat patients suffering with a range of infections that have exhibited resistance to antibiotics.

Following the acquisition, Forest will gain the global development and marketing rights to a number of compounds, including Ceftaroline, an antibiotic poised to enter phase III clinical trials and ME1036, a compound in pre-clinical development, as well as an option on a third early-stage antibiotic.

Ceftaroline acetate is in the cephalosporin class of antibiotics that has exhibited safety and efficacy in preclinical and clinical trials.

Forest reports that it purchased the privately-held California-based firm “in a cash-for-stock transaction with a purchase price of $493.6 million [253.28 million pounds], plus a potential $100 million milestone payment”.

Last week, Forest set the date for the announcement of its third quarter earnings for the 2007 fiscal year.

The company stated that it would release its results before the start of trading on January 16th 2007. On the same day, president and chief operating officer Dr Lawrence Olanoff and senior vice president and chief financial officer Frank Perier will host a conference call to discuss the results and related industry issues.