La Jolla soars on takeover deal by Innoviva

Innoviva

11/07/2022 13:49

** Shares of drug developer La Jolla Pharmaceutical Co
 LJPC.O  jump ~82% to $6.16 before the bell 
    ** Stock on pace to open at highest level since February
2021, if current gains hold
    ** Biopharma co Innoviva Inc  INVA.O  to acquire LJPC in
deal valued at about $149 mln
    ** INVA, through a wholly owned subsidiary, to commence
tender offer on or before July 25 to acquire LJPC for $6.23 per
share in cash
    ** Says deal unanimously approved by LJPC and INVA boards;
expected to close within 30 business days
    ** Up to Friday's close, LJPC had shed ~27% in value this
year, while INVA had fallen ~16%

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))