Valued at $110 Million! Zai Lab Partner Entasis Acquired

On May 23, Innoviva, Inc. (Nasdaq: INVA) announced a definitive merger agreement with Entasis Therapeutics (Nasdaq: ETTX), an antimicrobial development company. Innoviva will acquire all outstanding shares of Entasis that Innoviva does not already own for $2.20 per share in cash. Innoviva currently owns approximately 60% of the outstanding shares of Entasis' common stock. The consideration for the acquisition valued the equity stake in Entasis at $113 million (on a fully diluted basis).

Previously, in April 2018, Entasis and Zai Lab reached a cooperation agreement whereby Zai Lab will obtain the exclusive development and commercialization of ETX2514, the former's novel broad-spectrum β-lactamase intravenous inhibitor, in the Asia-Pacific region (including Japan). right. Zai Lab paid $5 million upfront, $7.6 million in short-term development milestones, and $91 million in development, regulatory, sales milestones and licensing fees.