GSK and Spero Therapeutics announce exclusive license agreement for late-stage antibiotic Tebipenem HBr
GSK and Spero Therapeutics, Inc. announced they have entered into an exclusive license agreement for Spero's late-stage antibiotic asset, tebipenem HBr. Tebipenem HBr is being developed as the first oral carbapenem antibiotic for the treatment of complicated urinary tract infections (cUTI), including pyelonephritis, caused by certain bacteria
Financial Terms; GSK wil receive an exclusive license to develop and commercialize tebipenem pivoxil and tebipenem pivoxil HBr in all territories, except Japan, and certain other Asian countries, territories which will be retained by Spero partner, Meiji Seika.
Under the license agreement, Spero will be responsible for the execution and costs of the follow-up Phase III clinical trial of tebipenem HBr. GSK will be responsible for the execution and costs of additional development, including Phase III regulatory filing and commercialization activities for tebipenem HBr outside of the Meiji Seika territory.
Under the terms of the license agreement, Spero wil receive an upfront payment of $66 milion for GSK to secure rights to the medicine.Remaining potential payments are milestone based.
In connection with the license agreement and pursuant to a stock purchase agreement between GSK and Spero, GSK has agreed to make a $9 million common stock investment in Spero, purchasing 7,450,000 shares of Spero's common stock at a purchase price of approximately $1.20805 per share, not to exceed 19.99% beneficial ownership of Spero by GSK and its affiliates. The transactions are expected to close in the fourth quarter of 2022.
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