(Sharecast News) - UK pharmaceutical company GSK is taking a stake in Spero Therapeutics as part of a licensing agreement for the US-based drug developer's experimental antibiotic for complicated urinary tract infections.
GSK will pay Spero $66m upfront for the antibiotic tebipenem HBr and buy $9m in Spero shares, the companies said in a joint statement on Thursday.
"There is a high unmet medical need for a novel oral antibiotic as an alternative to intravenous hospital therapy for drug-resistant complicated urinary tract infections," said GSK chief commercial officer Luke Miels.
"Tebipenem HBr complements GSK's infectious disease strategy and is consistent with our commitment to find value-enhancing opportunities to build a strong late-stage portfolio. Tebipenem HBr has a clear US FDA regulatory path to potential approval, which could significantly benefit patients with complicated urinary tract infections."
Reporting by Frank Prenesti at Sharecast.com
Glaxosmithkline (GSK)