- Innoviva, Inc. ( INVA ), a diversified holding company has agreed to acquire the commercial-stage biotech La Jolla Pharmaceutical Company ( NASDAQ: LJPC ) for $6.23 per share in cash implying an enterprise value of ~$149M, the companies announced on Monday.
- Per the terms of the merger agreement, Innoviva ( INVA ) intends to pay $5.95 per share for La Jolla ( LJPC ) and an $0.28 per share for additional cash proceeds from a divestiture of a non-core asset.
- The initial purchase price of $5.95 indicates a premium of 70% to the 30-day volume-weighted average price (VWAP).
- Innoviva ( INVA ) through one of its subsidiaries expects to start a tender offer on or before July 25, 2022. The deal is expected to close within 30 business days.
For further details see:
Innoviva to acquire La Jolla Pharma for $149M including debt