Innoviva Agrees To Acquire Entasis Therapeutics For $2.20/Shr Cash

(RTTNews) - Helthcare holding company Innoviva, Inc. (INVA) and biopharmaceutical company Entasis Therapeutics Holdings Inc. (ETTX) announced Monday the companies have entered into a definitive merger agreement under which Innoviva is to acquire all of the outstanding shares of Entasis not already owned by Innoviva at a price of $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. The transaction has been unanimously approved by the Innoviva and Entasis Boards of Directors.

The offer price in cash represents a 50% premium to Entasis' closing price of $1.47 per share on January 31, 2022, the last date before Innoviva's original bid became public.

The transaction, which is subject to customary closing conditions, is anticipated to close in the third quarter of 2022.