Innoviva, Inc. (Nasdaq: INVA) (“Innoviva”), a diversified holding company with a portfolio of royalties and a growing portfolio of innovative healthcare assets, today announced that the company has entered into an agreement to sell its 15% economic stake in Theravance Respiratory Company LLC (“TRC”), which receives royalties stemming from sales of TRELEGY® ELLIPTA®, to Royalty Pharma plc (Nasdaq: RPRX) for an upfront cash payment of approximately $282 million and a potential $50 million contingent sales-based milestone payment. Under the terms of the agreement, TRC also transferred to Innoviva all of TRC’s ownership interests and investments in InCarda Therapeutics Inc., ImaginAb, Inc., Gate Neurosciences, Inc. and Nanolive SA. Innoviva retained its royalty rights with respect to ANORO® ELLIPTA® and RELVAR®/BREO® ELLIPTA®. The sale is expected to close in July 2022.
Innoviva Sells 15% Economic Stake in Theravance Respiratory Company to Royalty Pharma for approximately $282 million plus full ownership of existing equity investments and the potential for $50 million milestone payment
Jul 13, 2022
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