Tuesday, August 23, 2022
Today, Innoviva, Inc., a diversified holding company with a range of royalties and a growing portfolio of innovative healthcare assets, announced the completion of its acquisition of La Jolla Pharmaceutical Company (Nasdaq: LJPC) ("La Jolla"), following the expiration of its tender offer. The tender offer was made to purchase all outstanding shares of La Jolla's common stock at a price of $6.23 per share in cash, net to the seller and after deducting withholding taxes and without interest. The offer expired on Friday, August 19, 2022, one minute after 11:59 p.m. New York City time.
La Jolla is dedicated to the commercialization of groundbreaking therapies that enhance outcomes for patients facing life-threatening diseases. With this acquisition, Innoviva gains access to La Jolla's established product portfolio, which includes GIAPREZA® (angiotensin II), an approved treatment for increasing blood pressure in adults with septic or other distributive shock, and XERAVA® (eravacycline), indicated for the treatment of complicated intra-abdominal infections (cIAIs).
Pavel Raifeld, Chief Executive Officer of Innoviva, expressed his satisfaction with the acquisition, stating, "The addition of La Jolla enhances our presence in the hospital and infectious disease sectors, providing us with a strong portfolio of marketed products and a highly skilled team. Furthermore, it complements our existing assets, such as Entasis, and establishes a solid foundation for the potential future launch of SUL-DUR, a differentiated anti-infective treatment, if it receives approval. We are excited to work together as a united company, better equipped to serve the needs of patients, physicians, and hospitals