NEW YORK — Cubist Pharmaceuticals Inc., maker of the antibiotic Cubicin, is seeking early-stage experimental therapies to buy or license to fuel growth beyond the next five years, chief executive Michael Bonney said.
Cubist expects to reach $2 billion in annual revenue, earn $700 million in profit, and have four products in late-stage clinical trials by the end of 2017, the Lexington, Mass.-based biotechnology company told investors Monday at a presentation in New York.
Cubist’s focus is acute care products used in hospitals to treat bacterial infections or aid with recovery from surgery. The company had $861.7 million in cash and equivalents as of March 31.
It has made two acquisitions since 2009, both of companies with therapies in later stages of development. The focus now is to find products to follow those, Bonney said.
“We need to be feeding that so that when we get to 2017 we have replacement stock coming” to follow the later-stage products, Bonney said.