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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