Cubist Buys Illumigen

Cubist Pharmaceuticals Inc. (Nasdaq: CBST) has signed an exclusive option to acquire Illumigen Biosciences Inc., a Seattle-based drug developer whose lead product is an interferon replacement product for the treatment of Hepatitis C infections. Cubist would pay $4.7 million on the option, plus another $1 million for an IND-enabling study on Illumigen's lead compound. Illumigen has raised around $6 million in VC funding from Pacific Horizon Ventures and Ventures West.