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Innoviva completed its acquisition of La Jolla Pharmaceutical Company after a successful tender offer, purchasing shares at $6.23 each. This deal enhances Innoviva's presence in the hospital and infectious disease sectors, adding marketed products such as GIAPREZA® and XERAVA®. The tender offer saw approximately 87.03% of La Jolla's shares validly tendered, satisfying the required minimum for completion. As a result, La Jolla is now a wholly-owned subsidiary and will be delisted from the Nasdaq, allowing Innoviva to expand its product portfolio in critical healthcare markets.
In the second quarter of 2022, Innoviva reported a 7% increase in royalties to $111.7 million, with significant contributions from GSK's products. However, income from operations fell by 14% to $82.6 million due to Entasis' operating expenses. The company completed the acquisition of Entasis for $42 million and a merger agreement with La Jolla Pharmaceutical for $6.23 per share, enhancing long-term growth prospects. Innoviva sold a 15% stake in Theravance for $282 million, bolstering its cash position to $283.6 million as of June 30, 2022.
Innoviva will acquire La Jolla Pharmaceutical Company in a deal valued at approximately $149 million. La Jolla's stockholders will receive $5.95 per share, a premium of around 70% over the 30-day average share price. The tender offer is expected to commence on or before July 25, 2022. This acquisition enhances Innoviva's portfolio, particularly in infectious diseases, by adding key products GIAPREZA and XERAVA. The merger has received unanimous approval from both companies' boards and is anticipated to close within 30 business days, pending necessary conditions.
Innoviva has announced a definitive merger agreement to acquire La Jolla Pharmaceutical Company for $5.95 per share, a 70% premium on the 30-day average. The total transaction value is approximately $149 million. This acquisition aims to enhance Innoviva’s portfolio in infectious diseases, adding La Jolla’s products, GIAPREZA® and XERAVA®. The merger is anticipated to close within 30 business days, pending necessary shareholder approvals. Following the acquisition, La Jolla will become a wholly owned subsidiary of Innoviva.
La Jolla Pharmaceutical Company (LJPC) reported a net product sales increase of 21% to $10.4 million for Q1 2022, driven by GIAPREZA and XERAVA. GIAPREZA U.S. sales rose 13% to $7.7 million, while XERAVA sales surged 50% to $2.7 million. However, total revenue fell to $10.4 million from $34.1 million in Q1 2021, impacted by prior year upfront payments totaling $22.5 million. Net income decreased to approximately $2,000, or $0.00 per diluted share, from $14.4 million, or $0.42 per share, in the same quarter last year. Cash reserves stood at $44.6 million, down from $46.7 million.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) reported record net product sales of $12.1 million for Q4 2021 and $43.5 million for the full year, up from $11.0 million and $33.4 million in 2020. Notably, GIAPREZA sales increased to $9.2 million in Q4, while XERAVA sales reached $2.9 million. La Jolla achieved positive operating cash flow for the fourth consecutive quarter, amounting to $3.1 million for Q4 and $28.2 million for the year, a significant turnaround from the prior year's losses. The company reported net income of $3.8 million for Q4 and $19.7 million for the full year, compared to losses in 2020.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) has announced a $10 million share repurchase plan for its common stock. This discretionary plan allows for repurchases at any time and can be terminated without notice. CEO Larry Edwards expressed confidence in the company's strategic growth initiatives, supported by a strong balance sheet. The company is known for its innovative therapies targeting life-threatening conditions, including GIAPREZA™ and XERAVA™.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) reported significant financial progress for the three and nine months ended September 30, 2021. Total revenue reached $13.3 million for Q3 and $63.5 million year-to-date, marking substantial increases from $9.1 million and $22.5 million in 2020. Net product sales were $11.8 million for Q3 and $31.5 million year-to-date, driven by GIAPREZA and XERAVA. Additionally, net cash provided by operating activities improved to $0.8 million for Q3 and $25.1 million year-to-date, highlighting a positive cash flow trend.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) has appointed Dr. Tony Hodges as Chief Medical Officer. With extensive clinical experience in critical care medicine, his role is expected to enhance the company's sales of GIAPREZA and XERAVA. GIAPREZA is FDA-approved for increasing blood pressure in adults with septic shock, while XERAVA is indicated for complicated intra-abdominal infections. Dr. Hodges aims to expand patient access to these therapies.
La Jolla Pharmaceutical Company (Nasdaq: LJPC) reported significant financial growth for the second quarter and first half of 2021, with total revenues reaching $16.1 million and $50.2 million, respectively. This marks a substantial increase from $5.8 million and $13.4 million in the same periods of 2020. Net product sales grew to $11.1 million and $19.7 million, driven by a 48% increase in GIAPREZA net sales and a 67% rise in XERAVA's sales. The company achieved net income of $3.7 million in Q2 2021, a turnaround from a loss of $15.6 million a year prior.
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