ETTX - Entasis gains on buyout proposal from Innoviva

Entasis Therapeutics (NASDAQ:ETTX) is trading ~15% higher in the pre-market after announcing that its existing investor, Innoviva submitted a non-binding proposal to buy the shares it currently does not own for $1.80 per common share in an all-cash transaction. The purchase price indicates a 23% premium to the company’s closing share price on Jan. 31. The completion of the deal is subject to the approval of the independent members of its board of directors and the majority of its shareholders, Entasis (ETTX) said in a regulatory filing on Tuesday. Entasis (ETTX), a clinical-stage biotech company focused on bacterial infections, has lost about 54% over the past twelve months, even with solid Buy recommendations on Wall Street. The company is preparing to submit a marketing application for SUL-DUR in mid-2022 targeting carbapenem-resistant Acinetobacter infections.

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Entasis gains on buyout proposal from Innoviva