Shares of Melinta Therapeutics Inc. (MLNT) rose 7.2% to $16.30 in premarket trading on Thursday, Nov. 30, a day after the New Haven, Conn.-based firm unveiled a deal to acquire The Medicines Co.'s (MDCO) infectious disease unit.
The agreement, announced Wednesday morning, includes three marketed products: Vabomere (vaborbactam/meropenem), Orbactiv (oritavancin) and Minocin IV (minocycline).
Terms of the deal include $270 million in upfront consideration and guaranteed payments, tiered royalty payments of 5% to 25% on global net sales of Vabomere, Orbactiv and Minocin IV, and the assumption by Melinta of all royalty, milestone and other payment obligations associated with those products.
Melinta shares closed at $15.20 on Wednesday, up 1.3%. Shares of Parsippany, N.J.-based Medicines finished Wednesday's trading session at $30.17, down 0.1%, and were up 5.3% to $31.76 ahead of the market open on Thursday.
For Melinta, the deal to buy Medicines' infectious disease business came after Melinta completed its merger with Cempra Inc. in early November.
Among the other stock movers was Celldex Therapeutics Inc. (CLDX) , up 4.4% to $3.10. The Hampton, N.J.-based firm said Thursday it has begun its open-label, Phase 1 study of CDX-1140 in patients that have advanced solid tumors.