At the cusp of NDA filing for lead antibiotic, AstraZeneca spinout goes private at a fraction of IPO price
Seven years after a group of AstraZeneca vets salvaged a suite of programs from the then newly-shuttered antibiotics division and spun them into a new biotech named Entasis, those still-experimental antibiotics are getting a new home.
Innoviva will take Entasis Therapeutics private by purchasing shares it doesn’t already own for $2.20 apiece, in a deal that values Entasis at $113 million.
Entasis first revealed in February that Innoviva, a royalty and asset management player that already owns 60% of its shares, offered to buy the whole company. At the time, Innoviva was offering $1.80 per share.
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