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A bankruptcy court judge has approved a deal for Cary, N.C.-based Cornerstone Therapeutics Inc. to acquire the commercial rights to the antibiotic Factive from bankrupt Oscient Pharmaceuticals Corp.
Cornerstone (Nasdaq: CRTX) will purchase the Factive assets for $5 million cash plus additional compensation for purchased inventory and royalties.
Oscient filed for Chapter 11 bankruptcy in July, after battling a series of financial and scientific woes. The Waltham-based biotechnology company withdrew its application with European regulators to market Factive as a therapy for certain strains of pneumonia and bronchitis. In May, the company received word that its patents protecting its high-cholesteral medication, Antara, would be challenged by a generic drug maker.
Oscient’s bankruptcy filing indicated the company has thousands of unsecured creditors to which it owes tens of millions of dollars.
For 2008, Oscient said Factive sales accounted for around 20 percent of its $86.3 million in revenue.
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