The present invention disclose a lyophilized pharmaceutical formulation comprising antibacterial agent, daptomycin as active and tocopheryl phosphate hydrolysate mixture with improved reconstitution time for parental administration and to the process of preparation thereof. Daptomycin is a cyclic lipopeptide antibacterial agent derived from the fermentation of Streptomyces roseosporus. The chemical name is N-decanoyi-L-tryptophyl-Dasparaginyl-L-aspartyi-L-threonylgly^ D,-seryl-threo-3-methyl -L-glutamyl-3-anthraniloyl-L-alanine s 1 -lactone.
