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Innoviva Acquires AstraZeneca-Spin Off At $2.20/Share
2022-05-23 22:04
- Innoviva Inc (NASDAQ:INVA) has agreed to acquire Entasis Therapeutics Holdings Inc (NASDAQ:ETTX) at $2.20 per share in cash.
- Innoviva currently owns approximately 60% of the outstanding shares of Entasis common stock. The acquisition consideration values Entasis' equity at $113 million on a fully diluted basis.
- "This acquisition will build upon our overall strategy to acquire differentiated, high-potential assets in attractive, yet often overlooked, disease areas where our capital and capabilities can make a difference," said Pavel Raifeld, Chief Executive Officer of Innoviva.
- "We look forward to working with the Entasis team to advance sulbactam-durlobactam (SUL-DUR) and its broader novel antibacterial pipeline to address the urgent and serious threat posed by multidrug-resistant pathogens," Raifeld added.
- Established in 2015 as a spin-out from AstraZeneca Plc (NASDAQ:AZN), Entasis' pathogen-targeted approach has produced a robust clinical and pre-clinical pipeline of potential medicines for multidrug-resistant Gram-negative bacteria, including lead asset SUL-DUR.
- In the Phase 3 trial, SUL-DUR achieved all primary and secondary endpoints. An FDA marketing application is expected to be submitted in Q3 of 2022.
- Price Action: ETTX shares are up 21.1% at $2.18 during the market session on the last check Monday.
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