Holding company Innoviva is acquiring late-stage antibiotic biotech Entasis Therapeutics, a 2015 AstraZeneca spin-out that just posted phase 3 results worthy of an FDA filing last year.
Innoviva already owns about 60% of Entasis’ outstanding shares. Under the new definitive merger agreement, Innoviva will acquire all Entasis shares it doesn’t yet own at $2.20 apiece in cash. The deal values Entasis’ equity at $113 million on a fully diluted basis.
