Innoviva to acquire La Jolla Pharma
US drugmaker La Jolla Pharmaceuticals Company (Nasdaq: LJPC) saw its shares rocket 81.7% to $6.16 in early trading, after it was revealed that it has received a takeover approach from Innoviva (Nasdaq: INVA).
Innoviva has agreed to pay $5.95 per share for La Jolla, representing a premium of around 70% to the 30-day volume-weighted average price (VWAP), and an incremental $0.28 per share for additional cash proceeds received in connection with the divestiture of a non-core asset.
Under the terms of the merger accord, Innoviva, through a wholly-owned subsidiary, will commence a tender offer on or before July 25, 2022 to acquire all of the outstanding shares of La Jolla for $6.23 per share in cash, or an implied enterprise value of approximately $149 million. The transaction was unanimously approved by the La Jolla and Innoviva boards of directors and is expected to close within 30 business days.
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