Actavis Subsidiary To Acquire Durata Therapeutics

(RTTNews) - Actavis plc (ACT) and Durata Therapeutics, Inc. (DRTX) announced they have entered into a definitive merger agreement under which a subsidiary of Actavis will commence a tender offer to acquire all of the outstanding shares of Durata common stock for $23.00 per share in cash, or approximately $675 million in the aggregate, and contingent value rights entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product DALVANCETM are achieved. Actavis expects the acquisition to be accretive by the end of the first year.

Durata Therapeutics is a pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses. DALVANCETM for injection is a second generation, semi-synthetic lipoglycopeptide.