Innoviva to acquire La Jolla Pharmaceutical for $149M

Burlingame, Calif.-based pharmaceutical company Innoviva plans to write a check for $149 million to acquire La Jolla Pharmaceutical after both boards of directors approved the transaction. 

La Jolla's two main assets are Giapreza, a medication designed to increase blood pressure in patients with septic shock, and Xerava, a treatment for complicated intra-abdominal infections, according to a July 11 press release. The FDA has approved both products for adults. 

The transaction is expected to finalize within 30 business days.

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