Actavis Expands Antibiotics Presence With Durata Buy
Specialty-drug giant Actavis (ACT) said Monday that it’s acquiring biotech startup Durata Therapeutics for $675 million in cash, sending Durata’s stock up more than 70% to a new high of 24.25 on the stock market today . Actavis’ stock was flat in morning trading. Durata Therapeutics’ (DRTX) lone product, Dalvance, is an antibiotic for acute bacterial skin infections, dosed intravenously twice over two weeks. It was approved in the U.S. in May and