Innoviva to acquire La Jolla Pharmaceutical for $6.23/share in cash, ~$149M EV

Innoviva, Inc.

Offer price $6.23/share ($5.95 base + $0.28 from non-core asset sale); 70% premium to 30-day VWAP.
Implied enterprise value approximately $149 million; tender offer expected within ~30 business days.
Adds GIAPREZA (angiotensin II) and XERAVA (eravacycline) to Innoviva's infectious disease portfolio.
Stockholders holding ~40% of La Jolla shares signed support agreement to tender shares.
Transaction unanimously approved by both boards; subject to majority tender and other customary conditions.

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