Innoviva Announces Strategic Repurchase of GSK’s Equity Stake

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[{"type":"text","content":"\n\nInnoviva to repurchase GSK’s current 32% stake in the company for $392 million\n\n\n BURLINGAME, Calif.--(BUSINESS WIRE)--\nInnoviva, Inc. (NASDAQ: INVA) (“Innoviva” and “the Company”) today announced the execution of definitive agreement to purchase of GSK’s equity stake in Innoviva, constituting approximately 32 million shares, or 32% of the outstanding common stock, at $12.25 per share, representing a 3% discount to the 5-day volume weighted average price of the Company’s common stock, for a total purchase price of $392 million.\n\nPavel Raifeld, Chief Executive Officer of Innoviva, stated: “We view the buyback as a compelling and highly accretive transaction demonstrating our ability to act strategically and opportunistically at the same time. We believe that it materially accelerates the delivery of our strategy, while also meaningfully improving our shares’ long-term trading dynamics with an aligned shareholder base. We remain focused on, and strongly positioned for, continued significant value creation for the benefit of all shareholders.”\n\n“GSK was our largest shareholder for many years and remains a key commercial partner. We are confident in the collaboration products’ excellent commercial prospects, especially given strong recent performance in the face of a challenging environment, and look forward to continued work with GSK to address significant unmet medical needs for patients suffering from respiratory diseases,” concluded Mr. Raifeld.\n\nMoelis & Company acted as a financial advisor and Willkie Farr Gallagher acted as a legal advisor to Innoviva.\n\nAbout Innoviva\n\nInnoviva, Inc. (referred to as “Innoviva”, the “Company”, or “we” and other similar pronouns), is a company with a portfolio of royalties that include respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR®/BREO® ELLIPTA® (fluticasone furoate/ vilanterol, “FF/VI”), ANORO® ELLIPTA® (umeclidinium bromide/ vilanterol, “UMEC/VI”) and TRELEGY® ELLIPTA® (the combination FF/UMEC/VI). Under the Long-Acting Beta2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®. Innoviva is also entitled to 15% of royalty payments made by GSK under its agreements originally entered into with us, and since assigned to Theravance Respiratory Company...

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