Oscient gets court OK to sell Factive for $5 million plus royalties

By Caroline Salls

Pittsburgh, Sept. 4 - Oscient Pharmaceuticals Corp. received court approval of the sale of its Factive antibiotic to Cornerstone BioPharma Inc., a subsidiary of Cornerstone Therapeutics Inc., according to a Friday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

As previously reported, Oscient asked the court to cancel the auction because it did not receive any counteroffers.

Cornerstone has agreed to pay $5 million plus the value of the drug's inventory at closing and a 15% royalty on its sales of Factive through the fifth anniversary of the closing date.

Oscient, a Waltham, Mass., commercial-stage pharmaceutical company, filed for bankruptcy on July 13. Its Chapter 11 case number is 09-16576.

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