Actavis acquires Durata for $675 million including Dalvance

Actavis plc , a leading global specialty pharmaceutical company, and Durata Therapeutics, Inc. , an innovative pharmaceutical company focused on the development and commercialization of novel therapeutics for patients with infectious diseases and acute illnesses, announced that 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 (CVRs) 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 Dalvance are achieved. Actavis expects the acquisition to be accretive by the end of the first year. The acquisition of Durata immediately enhances Actavis' Infectious Disease portfolio with the addition of Dalvance (dalbavancin) for injection, the first and only IV antibiotic for acute bacterial skin and skin structure infections (ABSSSI) with once-a-week dosing for two weeks.