Nabriva Therapeutics has acquired San Diego-based Zavante Therapeutics, known for an antibiotic to fight infections picked up in hospitals.
Under the deal, Nabriva is paying former Zavante shareholders 8.2 million shares upfront and up to $97.5 million, dependent on regulatory and commercial milestones.
Nabriva, headquarted in Ireland, expects to ask the U.S. Food and Drug Administration for the OK to sell two drugs in the fourth quarter. One is Zavante’s Contepo, which Nabriva wants to make the standard of care in the U.S. for hospitalized patients with infections brought on by multidrug resistant bacteria.
Contepo has undergone Phase 2/3 studies as a treatment for complex urinary tract infections. A Nabriva antibiotic will also go before the FDA.
As part of the transaction, Zavante CEO Ted Schroeder was appointed as Nabriva’s new CEO, and will become a board member on Aug. 1. Former CEO Colin Broom will remain on the board and will continue working with the company as a consultant.