GSK and Spero Therapeutics Announce Exclusive License Agreement for Late-Stage Antibiotic Asset, Tebipenem HBr
LONDON and CAMBRIDGE, Mass., Sept. 22, 2022 (GLOBE NEWSWIRE) -- GSK (LSE/NYSE: GSK) and Spero Therapeutics, Inc. (Nasdaq: SPRO) today 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.
- 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 Speros 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 closing of the equity investment is conditioned upon the effectiveness of the license following Hart-Scott-Rodino clearance.
- As of June 30, 2022, Spero had cash, cash equivalents, and marketable securities of $45.4 million.
- If approved, tebipenem HBr would be the first oral carbapenem antimicrobial to receive marketing approval in the United States.