Antibacterials developer Entasis surges on takeover by Innoviva

Innoviva

23/05/2022 15:38

** Shares of antibacterial treatments developer  ETTX.O 
surge 20.6% to $2.17 - set for biggest one-day pct jump since
early February
    ** Stock is among top 5 pct gainers on Nasdaq composite
index  .IXIC 
    ** Innoviva Inc  INVA.O  to acquire Entasis in cash deal
valuing latter at $113 mln  urn:newsml:reuters.com:*:nBw1DpHqha
    ** INVA to acquire all outstanding shares of Entasis it does
not already own for $2.20 apiece, representing a premium of 22%
to ETTX's last close
    ** INVA currently owns about 60% of outstanding shares of
Entasis common stock, buyout deal is expected to close in Q3 -
companies
    ** ETTX's lead drug candidate, SUL-DUR, achieved main,
secondary goals in late-stage study and a marketing application
is expected to be filed with U.S. regulators in Q3 - companies
    ** Innoviva is royalty management company and has portfolio
of respiratory drugs partnered with drugmaker GSK Plc  GSK.L 
    ** Stock down nearly 1% YTD, including session's moves

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))