LEXINGTON, Mass. (AP) — NEWS: Cubist Pharmaceuticals lost money in the third quarter as it moved to complete its acquisitions of two smaller companies.
DETAILS: In July Cubist agreed to buy Trius Therapeutics and Optimer Pharmaceuticals for about $1.24 billion combined. Cubist completed the purchase of Trius in September. The deals gave Cubist full control of the antibacterial drug Dificid and several experimental antibiotics.
During the quarter, Cubist reported more than $70 million in acquisition and debt-retirement costs.
NUMBERS: The company said late Tuesday it took a loss of $33.9 million, or 50 cents per share, compared with a year-earlier profit of $40.3 million, or 55 cents per share. Cubist said it earned 41 cents per share if one-time items are excluded. Revenue rose 12 percent to $266 million from $238.2 million. Sales of its main product, the antibiotic Cubicin, rose 10 percent to $229.9 million.
Analysts expected income of 37 cents per share and revenue of $268.4 million, according to FactSet.
FUTURE: The company says the Optimer deal should close this week. The total price of the acquisitions could rise to $1.62 billion if certain milestones are reached.
Cubist also filed for marketing approval of Trius' drug tedizolid — an antibiotic for serious skin infections — on Tuesday.
STOCK: Cubist Pharmaceuticals Inc. shares lost $2.99, or 4.5 percent, to $63.20 in premarket trading. The stock is up 57 percent in the year to date.