Merck & Co on Tuesday said it will proceed with its planned $8.4 billion purchase of Cubist Pharmaceuticals and still expects the deal to boost its long-term earnings, despite a court ruling that could speed the arrival of generic forms of Cubist's top-selling product. Merck late on Friday had announced plans to purchase Cubist, whose flagship product is the widely used antibiotic Cubicin for skin infections. The deal would give the No. 2 U.S. drugmaker entry into the market for drugs that fight so-called superbugs.But U.S. District Judge Gregory Sleet in Delaware on Monday invalidated four Cubicin patents and ruled that Hospira Inc can launch a generic version of Cubicin as soon as 2016, two years sooner than Wall Street expectations.Merck, in a release on Tuesday, said it still expects to complete its purchase of Cubist in the first quarter of 2015, and noted that Sleet's decision "is subject to appeal."
Cubist Pharmaceuticals, Inc. (Cubist) is a biopharmaceutical company focused on the research, development and commercialization of therapies to treat serious medical conditions in acutely ill patients who are hospitalized or are being treated in other acute care settings. Shares of CBST remained unchanged at $100.60. In the past year, the shares have traded as low as $58.50 and as high as $101.82. On average, 1116560 shares of CBST exchange hands on a given day and today's volume is recorded at 263961.
Hospira, Inc. (Hospira) is a provider of injectable drugs and infusion technologies. Shares of HSP remained unchanged at $60.12. In the past year, the shares have traded as low as $39.45 and as high as $60.83. On average, 895870 shares of HSP exchange hands on a given day and today's volume is recorded at 0.
Merck & Co., Inc. (Merck), is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. Shares of MRK remained unchanged at $61.88. In the past year, the shares have traded as low as $47.61 and as high as $62.20. On average, 10653600 shares of MRK exchange hands on a given day and today's volume is recorded at 7595.
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