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Innoviva Announces Expiration of Cash Tender Offer for Shares of Entasis Therapeutics Holdings Inc.
BURLINGAME, Calif.--(BUSINESS WIRE)-- Innoviva, Inc. (Nasdaq: INVA) (“Innoviva”) today announced that its tender offer to purchase any and all issued and
About this update from Innoviva, Inc.
[{"type":"text","content":" BURLINGAME, Calif.--(BUSINESS WIRE)--\nInnoviva, Inc. (Nasdaq: INVA) (“Innoviva”) today announced that its tender offer to purchase any and all issued and outstanding shares of common stock of Entasis Therapeutics Holdings Inc. (Nasdaq: ETTX) (“Entasis”) at a price of $2.20 per share, net to the seller in cash, without interest and less required withholding taxes, expired at 5:00 p.m. New York City time on Thursday, July 7, 2022.\n\nThe depositary for the tender offer has advised that, as of the expiration of the tender offer, a total of 11,671,662 shares of Entasis’ common stock were validly tendered and not withdrawn in the tender offer. Such shares of Entasis’ common stock, upon excluding those tendered by Manoussos Perros (the “Entasis CEO”), represent approximately 60.45% of the shares not beneficially owned by Innoviva and its subsidiaries or the Entasis CEO, which satisfied the minimum condition for the tender offer. Innoviva’s wholly owned subsidiary will accept for payment all shares that were validly tendered and not withdrawn prior to expiration of the tender offer, and payment for such shares will be made promptly, in accordance with the terms of the tender offer.\n\nInnoviva expects the merger to close on July 11, 2022, with Entasis becoming a wholly owned subsidiary of Innoviva. As a consequence of the merger, each outstanding share of Entasis’ common stock not tendered and purchased in the offer (other than those as to which holders properly exercise dissenters’ rights and those owned at the commencement of the tender offer by Innoviva or its affiliates) will be converted into the right to receive the same $2.20 per share, net to the holder in cash, without interest and less any required withholding taxes, that was offered in the tender offer. Following completion of the merger, Entasis’ common stock will cease to be traded on the Nasdaq Global Market.\n\nAbout Innoviva\n\nInnoviva is a diversified holding company with a portfolio of royalties and other healthcare assets. Innoviva’s royalty portfolio includes respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR®/BREO® ELLIPTA® (fluticasone furoate/ vilanterol, “FF/VI”), ANORO® ELLIPTA® (umeclidinium bromide/ vilanterol, “UMEC/VI”) and TRELEGY® ELLIPTA® (the combination FF/UMEC/VI). Under the Long-Acting Beta2 Agonist (“LABA”) Collaborat...