Spero licenses tebipenem HBr to GSK for $66M upfront, up to $525M milestones plus tiered royalties

Spero Therapeutics, Inc.

GSK gets exclusive license to develop and commercialize oral carbapenem antibiotic tebipenem HBr outside Japan and certain Asian countries.
Spero receives $66M upfront; potential milestones: $150M Phase III delivery, $150M first sale (US/EU), $225M sales milestones up to $1B+.
Tiered royalties low-single to low-double digit increase if net sales exceed $1B.
GSK invests $9M in Spero common stock at ~$1.20805/share (7.45M shares), with lock-up and standstill provisions.
Spero to start a new Phase 3 trial in 2023; closing expected Q4 2022 subject to HSR clearance.

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