Targanta Therapeutics, a privately held biopharmaceutical company developing antibacterial drugs, has acquired the worldwide ownership interest in oritavancin, an antibiotic that has completed two phase III clinical trials. Oritavancin, used to treat Gram-positive bacterial infections, was acquired from InterMune Inc.

The terms of the acquisition agreement include an upfront cash payment, milestone payments and the issuance of a convertible promissory note by Targanta which will initially be secured by the oritavancin assets, states a company release.

Oritavancin is a semi-synthetic glycopeptide antibiotic with bactericidal activity against clinically relevant serious Gram-positive infections, including multi-resistant strains. Two large multi-centre phase III studies, conducted by Eli Lilly and Company and InterMune, in over 1750 patients have suggested oritavancin to be an effective and safe therapy for complicated skin and skin structure infections. In both phase III studies, oritavancin reached its primary endpoint and appeared to be as effective as a commonly used treatment regimen, vancomycin followed by cephalexin.

"New antibiotics are critically needed to treat hospital and community acquired-bacterial infections that are resistant to existing antibiotics. Oritavancin has the potential to be a best-in-class antibiotic for serious Gram-positive infections in the hospital market. This agent is an excellent fit with Targanta's growing antibacterial franchise and we are pleased to commit the necessary resources to continue its successful clinical development and registration," said Pierre Etienne, Targanta's president and CEO.

Targanta Therapeutics is a privately held biopharmaceutical company developing and commercialising antibacterial drugs to treat serious infections in the hospital setting. Its pipeline includes an array of antibacterial agents in various stages of development, Eli Lilly and Company.