Willkie advised Innoviva on the acquisition valued at approximately $149 million.
On July 11, Willkie client Innoviva, Inc., a diversified holding company with a portfolio of royalties and a growing portfolio of innovative healthcare assets, announced that it has agreed to acquire La Jolla Pharmaceutical Company, which is dedicated to the commercialization of innovative therapies that improve outcomes in patients suffering from life-threatening diseases.
Under the terms of the merger agreement, 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.
Innoviva also announced on July 11 that it completed its acquisition of Entasis Therapeutics, an advanced late-stage clinical biopharmaceutical company focused on the discovery and development of novel antibacterial products. In addition to advising Innoviva on the acquisition of Entasis, Willkie previously advised the company on numerous other transactions, including its investment in Armata Pharmaceuticals and its repurchase of an equity stake from GSK for $392 million.
The Willkie team was led by partner Jared Fertman and included partners Russell Leaf and Jonathan Kubek.