Innoviva Aims For Antibiotic Success With La Jolla, Entasis Acquisitions

$149m La Jolla Purchase Expands Hospital Presence

Having recently bought antibacterial developer Entasis, Innoviva adds approved antibiotic Xerava and hypotension drug Giapreza to its portfolio along with La Jolla’s established commercial organization.

Merging; two merchants push one red square and three white squares together
Innoviva hopes to add a future Entasis product into La Jolla's commercial portfolio • Source: Shutterstock

Innoviva, Inc. continues to branch out from collecting royalties on inhaled respiratory medicines commercialized by GlaxoSmithKline Pharmaceuticals Ltd. to a company also developing and commercializing its own medicines, adding two approved drugs through its purchase of La Jolla Pharmaceutical Company, announced on 11 July. The deal also adds a commercial organization that could bring to market a recently acquired late-stage asset.

The La Jolla Pharmaceutical acquisition has an enterprise value of $149m, giving the San Diego-based firm’s shareholders $6.23 per share in cash, including $5.95 for the company – a 70% premium to the stock’s 30-day volume-weighted average price – plus another $0.28 tied to the divestiture of a non-core asset. The deal was revealed on the same day that closed its $113m purchase of the antibacterial drug developer Entasis Therapeutics Holdings Inc. under an agreement announced in May

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