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.