Come, thou long-expected M&A. On Monday, Vertex Pharmaceuticals Inc. and Innoviva Inc. both announced that they were making acquisitions. Vertex (Nasdaq: VRTX) is set to buy ViaCyte, a cell therapy startup specializing in diabetes, for $320 million cash, while Innoviva will pay about $149 million for infectious diseases firm La Jolla Pharmaceutical Company (Nasdaq: LJPC).
With the help of nearly $400 million in royalties from a well-known drug targeting asthma and COPD, the company wrapped up one acquisition and launched another.
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