Actavis successfully completed its tender offer to purchase all outstanding shares of Durata Therapeutics.
Durata Therapeutics is a pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses.
Actavis offered to purchase all outstanding shares of Durata for $23 per share in cash or approximately $675 million in the aggregate, and one contingent value right per share, entitling the holder to receive additional cash payments of up to $5 per CVR if certain regulatory or commercial milestones related to Durata's lead product DALVANCE are achieved. DALVANCE is the first and only IV antibiotic approved for the treatment of acute bacterial skin and skin structure infections.
"We are pleased to add Durata's DALVANCE product to our portfolio, and with the rapid completion of this transaction, we further demonstrate our commitment to expand our presence in anti-infectives," said Brent Saunders, president and CEO of Actavis.
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