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
Haymarket Center will inaugurate the first in a series of three-day retreats to support law enforcement professionals who have experienced critical incident-related trauma.
Only one team in the NFL blitzed less often than the Bears in every one of the previous four seasons: Matt Eberflus’ Colts. While the head coach won’t be calling the Bears’ defense, you can bet new Bears coordinator Alan Williams, who followed him from Indianapolis, is strategically similar to his boss.
Madrigal was slotted into the leadoff spot for the Cubs’ game Sunday against the Marlins.
Robert Heinzen died a day before the celebration his family rushed to finalize. They decided to go ahead with the performance as a memorial Mass.
Archaeology activity in the sprawling site, near modern-day Naples, has increasingly focused on the lives of the middle class as well as of servants and other enslaved people.