Actavis buying Durata Therapeutics for $616.4M

SHARE Actavis buying Durata Therapeutics for $616.4M

CHICAGO — Specialty pharmaceutical company Actavis is buying Chicago-based Durata Therapeutics Inc. for about $616.4 million to help bolster its infectious disease portfolio.

One of Durata’s key products is Dalvance for injection, an IV antibiotic for acute bacterial skin and skin structure infections. Dalvance was approved by the Food and Drug Administration in May.

Actavis PLC will pay $23 per share, a 66 percent premium to Durata’s Friday closing price of $13.88. The companies put the transaction’s value at approximately $675 million. Durata shareholders could receive up to $5 per share more, if certain regulatory and commercial targets are met for Dalvance.

Dublin-based Actavis said Monday that it expects to close the deal later this year or in early 2015. After the transaction closes, Durata, which is based in Chicago, will become an Actavis subsidiary.

The Latest
Happ probably could have started Sunday’s series finale with the Marlins. The risk, however, wasn’t worth the reward.
Asked before Sunday’s series finale against the Marlins if Alzolay is his closer, Cubs manager Craig Counsell said, “I don’t think today he would be.”
Officer Luis Huesca, 30, was returning home from work about 3 a.m. in the 3100 block of West 56th Street when a ShotSpotter alert went off, police Supt. Larry Snelling said. No one has been arrested.
Chicago Democrats Reps. Delia Ramirez, Jesus ‘Chuy’ Garcia and Jonathan Jackson, the most pro-Palestinian members of the Illinois delegation, voted no on aid to Israel. GOP Rep. Darin LaHood split from his party to support aid to Ukraine.
Latest class of inductees also will include Kool & The Gang, Ozzy Osbourne, the Dave Matthews Band and Peter Frampton.