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Massachusetts-based Cubist Pharmaceuticals, Inc., a biopharmaceutical company formed in 1992, is focused on discovering and developing anti-infective drugs. Its lead product, Cubicin (a first in class lipopeptide), launched in November 2003 in the U.S., is used to treat complicated skin and skin structure infections (cSSSI). In May, 2006, FDA approved the expanded label of Cubicin for the treatment of bacteremia (a blood infection) and endocarditis (a heart valve infection). Cubicin was also approved in E.U. for cSSSI in Jan 2006 and for bacteremia and endocarditis in August 2007. As a background, CBST purchased Cubicin's worldwide development and commercialization rights from Eli Lilly and Company in 1997 in exchange of royalties on product sales. The company has now partnered with Chiron Corporation (now Novartis) to commercialize the drug in the E.U. and some other international markets. Cubist partnered with AstraZeneca in Dec 2006 to develop and commercialize Cubicin in China and other Asian markets. In March 2007, it partnered with Merck & Co., Inc. to develop and commercialize Cubicin in Japan. Now the company has a full complement of partners ready to commercialize Cubicin around the world. Cubist receives royalties on these international sales.
In July 2006, Cubist terminated its in-house HepeX-B program, an antibody candidate for hepatitis B infection. The company also intends to bring another compound into the clinic from its Lipopeptide Program in 2007. In the third quarter of 2007, CBST earned $79.8 million in revenue, of which total product sales accounted for 95.7%. Cubicin will be the most significant driver of the company's top-line over the next several years. For 2007, we expect $289.7 million in product sales accounting for more than 98% of the company's total revenue.
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