It's an antibiotic, useful for fighting gram-negative bacterial infections. Chemically, it's a detergent, and it disrupts bacterial cell membranes, which kills the bacteria.
Polymyxin B is an antibiotic that is effective against Gram negative bacteria like Pseudamonas aeruginosa, Escherichia coli, and Klebsiella pneumoniae for infections of the eye, bloodstream, brain, and in the urinary tract.