Vectura to acquire Innovata

Vectura (LSE:VEC) will acquire pulmonary company Innovata (LSE:IOV) for 26p per share, or L130.9 million ($250.1 million) in stock. The deal is a 13% premium to IOV's close of 23p on Thursday. VEC shareholders would own 54% of the combined company. The deal would give VEC a portfolio of eight marketed products, including five for asthma and three for non-pulmonary indications. VEC's products are all in development. NVA237 has completed Phase II testing for chronic obstructive pulmonary disease (COPD), and two other compounds are in Phase II testing for asthma and COPD. NVA237 is partnered with Sosei (Tokyo:4565) and Novartis (NVS; SWX:NOVN). ...