Shares of Optimer Pharmaceuticals (OPTR) climbed 13 percent on Wednesday after the drug maker indicated exploring strategic initiatives for the company, which may include a sale. Optimer has appointed its Chairman Henry McKinnell, as Chief Executive Officer for the duration of the strategic process.
New Jersey-based Optimer said it has commenced a process to explore a full range of strategic alternatives, but did not provide any further details. The Board also cautioned that it can not guarantee it will take any action.
Optimer Chairman and former Pfizer CEO Henry McKinnell will replace current CEO Pedro Lichtinger, who has been at the helm of Optimer since May 2010. Lichtinger has agreed to step down from the Board. The company also said Meredith Schaum will replace Kurt Hartman, who will resign as General Counsel and Chief Compliance Officer.
Last April, Optimer had removed Michael Chang as Chairman and terminated the services of CFO John Prunty. The personnel changes were related to certain lapses in corporate governance practices with Optimer Biotechnology Inc., its Taiwanese-based subsidiary.
Commenting on the developments, McKinnell said, "While the Board is conducting a comprehensive review of strategic alternatives to maximize shareholder value, I look forward to working with the management team to continue to increase the utilization of Dificid."
Dificid is Optimer's only commercially marketed product. Antibiotic Dificid is used for the treatment of Clostridium difficile infection in adult patients. Clostridium difficile, a gram-positive anaerobic bacterium, is one of the most common hospital infections around the world, which results in inflammation of the colon, severe diarrhea and, in extreme cases, death.
The company is expected to release its financial results for the fourth quarter on Thursday, February 28, 2013. Optimer said its will report earnings $0.02 per share for the fourth quarter and loss of $0.79 per share full year 2012.
Analysts polled by Thomson Reuters currently estimate loss of $0.38 per share for the fourth quarter, and loss of $1.19 per share for the full year 2012. Analysts estimates typically exclude one-time items.
OPTR is currently trading at $12.18, up $1.46 or 13.62%, on the Nasdaq.
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