NEW YORK—Covington advised Entasis Therapeutics Holdings Inc. (Nasdaq: ETTX) in its definitive merger agreement under which Innoviva, Inc., a diversified holding company with a portfolio of royalties and a growing portfolio of innovative healthcare assets, is to acquire all of the outstanding shares of Entasis not already owned by Innoviva. The acquisition consideration values Entasis’ equity at $113 million on a fully diluted basis.
Entasis is an advanced late-stage clinical biopharmaceutical company focused on the discovery, development, and commercialization of targeted antibacterial products that address high unmet medical needs to treat serious infections caused by multidrug-resistant pathogens. Entasis’ pathogen-targeted design platform has produced a pipeline of product candidates, including SUL-DUR (targeting Acinetobacter baumannii infections), zoliflodacin (targeting Neisseria gonorrhoeae infections), ETX0282CPDP (targeting Enterobacterales infections), and ETX0462 (targeting Gram-negative infections including Pseudomonas).
The Covington team included Jack Bodner, Allison Schiffman, Chul Hun Lee, and Jae Kim (M&A), Matt Franker and Brianna Bloodgood (securities and capital markets), Jason Levy and Blair Hotz (benefits and executive comp), and Ansgar Simon and Abigail Hopper (tax).
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