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Innoviva Bolsters Its Infectious Disease, Hospital Portfolio With La Jolla Deal

  • Innoviva Inc (NASDAQ: INVA) has agreed to acquire La Jolla Pharmaceutical Company (NASDAQ: 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.

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