- Innoviva Inc INVA has agreed to acquire La Jolla Pharmaceutical Company LJPC for $5.95 per share, representing a premium of approximately 70% to the 30-day volume-weighted average price.
- Innoviva will also pay an incremental $0.28 per share for additional cash proceeds received in connection with the divestiture of a non-core asset.
- The deal consideration of $6.23 per share in cash has an implied enterprise value of approximately $149 million.
- The FDA approved La Jolla's lead product, Giapreza in December 2017 to increase blood pressure in adults with septic or other distributive shocks.
- La Jolla's second asset, Xerava (eravacycline), was approved by the FDA in August 2018 for complicated intra-abdominal infections.
- This acquisition strengthens Innoviva's portfolio in infectious diseases, anchored by the company's recent purchase of Entasis Therapeutics Holdings Inc.
- Price Action: LJPC shares are up 81.4% at $6.15 premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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