Innoviva to acquire all of the outstanding shares of La Jolla’s common stock at $6.23/share in cash making a total deal value of ~$149M. La Jolla investors will receive $5.95/share representing a premium of ~70% to the 30-day & an additional $0.28/share for the divestiture of non-core assets. The transaction is expected to close within 30 business days
The acquisition will strengthen Innoviva’s portfolio with the addition of Giapreza & Xerava and also adds a highly complementary commercial franchise to its portfolio to accelerate long-term growth
La Jolla has 2 marketed products that are used in hospitalized patients with infections i.e., Giapreza for low blood pressure in patients with septic shock & Xerava for abdominal infections
Ref: Businesswire| Image: La Jolla
