GSK Exits Respiratory Partner Innoviva In $392M Deal

  • GlaxoSmithKline plc GSK has agreed to sell 32 million shares in Innoviva Inc INVA back to the royalty management company, raising $392 million, at a 3% discount or $12.25 per share.
  • Innoviva, a royalty management company that collaborates with GSK on respiratory treatments, including Breo Ellipta, Anoro Ellipta, and Trelegy Ellipta, has counted GSK among its investors for years.
  • Now, GSK is selling its holdings, with plans to use proceeds to “make further investment behind the group’s strategic priorities.”
  • “This equity disposal releases capital to enable GSK to make further investment behind the group’s strategic priorities,” said GSK.
  • Following the settlement of the transaction, GSK will no longer hold any Innoviva stock.
  • Price Action: INVA shares are up 7.12% at $13.17, while GSK shares are down 0.36% at 39.11 during the market session on the last check Thursday.
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