Actavis will buy Durata Therapeutics, Inc in a deal worth $675 million

WASHINGTON - Oct. 7, 2014 - PRLog -- Actavis and Durata Therapeutics, Inc have announced their plans to enter into a definitive merger which will allow a subsidiary of Actavis  to acquire Durata for approximately  $675 million . Actavis is set to obtain all remaining shares of Durata common stock for $23.00 per share in cash,  plus contingent value rights (CVRs) enabling the holder to receive additional cash payments of up to $5.00 per share dependent on commercial milestones achieved by Durata's lead product DALVANCE.

DALVANCE^TM  (dalbavancin), the first and only IV antibiotic to treat bacterial skin and skin structure infections (ABSSSI)  was approved by the U.S. Food and Drug Administration (FDA) on May 23, 2014  and was the first drug approved as a Qualified Infectious Disease Product (QIDP). Currently, a single dose regimen of DALVANCE is in late-stage development to treat ABSSI, and filing of the supplemental New Drug Application (sNDA) is expected in mid-2015. Dalbavancin is still under review with the European Medicines Agency and a decision for approval will be made by first half of 2015. The acquisition of Dalvance represents a tactical move by Actavis to further expand their Infectious Disease portfolio. Durata will continue to develop Dalvance for additional indications, such as hospitalized community-acquired pneumonia and pediatric osteomyelitis which will further enhance the drug's marketing potential. "The acquisition of Durata is a strong strategic fit that strengthens Actavis' emerging infectious disease franchise and aligns with our stated goal to make smart, targeted investments that complement our existing businesses and position the Company for continued long-term growth," said Brent Saunders, CEO and President of Actavis. "The acquisition of Durata is a strong strategic fit that strengthens Actavis' emerging infectious disease franchise and aligns with our stated goal to make smart, targeted investments that complement our existing businesses and position the Company for continued long-term growth," said Brent Saunders, CEO and President of Actavis.

The anticipated closing of the transaction is expected in late 2014 or early 2015. Durata Therapeutics, Inc will then merge and become a subsidiary of Actavis Durata's shares will be delisted from NASDAQ.

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