Welcome to our dedicated page for Innoviva news (Ticker: INVA), a resource for investors and traders seeking the latest updates and insights on Innoviva stock.
Innoviva, Inc. reports developments across a diversified biopharmaceutical business built around a core royalty portfolio, Innoviva Specialty Therapeutics, and strategic healthcare investments. Recurring updates cover royalty revenue from GSK-related respiratory products, IST commercial performance in critical care and infectious disease medicines, and capital allocation actions such as share repurchases.
Company news also includes regulatory and clinical developments for IST antibiotics, including NUZOLVENCE (zoliflodacin) for uncomplicated urogenital gonorrhea, ZEVTERA updates, medical-conference presentations, and changes in the value of strategic healthcare assets such as Armata Pharmaceuticals investments.
Innoviva, Inc. (Nasdaq: INVA) announced that CEO Pavel Raifeld will participate in a fireside chat at the Morgan Stanley 20th Annual Global Healthcare Conference on September 14 at 11:10 a.m. Eastern Time. Investors can access a live webcast of the event on the Company's website in the Investor Relations section, with a replay available for 90 days post-event. Innoviva is known for its diversified healthcare assets, including partnerships with GSK.
Innoviva completed its acquisition of La Jolla Pharmaceutical Company after a successful tender offer, purchasing shares at $6.23 each. This deal enhances Innoviva's presence in the hospital and infectious disease sectors, adding marketed products such as GIAPREZA® and XERAVA®. The tender offer saw approximately 87.03% of La Jolla's shares validly tendered, satisfying the required minimum for completion. As a result, La Jolla is now a wholly-owned subsidiary and will be delisted from the Nasdaq, allowing Innoviva to expand its product portfolio in critical healthcare markets.
In the second quarter of 2022, Innoviva reported a 7% increase in royalties to $111.7 million, with significant contributions from GSK's products. However, income from operations fell by 14% to $82.6 million due to Entasis' operating expenses. The company completed the acquisition of Entasis for $42 million and a merger agreement with La Jolla Pharmaceutical for $6.23 per share, enhancing long-term growth prospects. Innoviva sold a 15% stake in Theravance for $282 million, bolstering its cash position to $283.6 million as of June 30, 2022.
Innoviva has signed an agreement to sell its 15% stake in Theravance Respiratory Company (TRC) to Royalty Pharma for about $282 million upfront and a potential $50 million milestone payment. As part of the deal, Innoviva will maintain full ownership of TRC's private investments and retain royalty rights for ANORO and RELVAR ELLIPTA. The sale, expected to finalize in July 2022, allows Innoviva to bolster its cash position amid market uncertainties. CEO Pavel Raifeld expressed optimism about maximizing shareholder value through this transaction.
Innoviva has successfully completed its acquisition of Entasis Therapeutics, a clinical biopharmaceutical firm specializing in antibacterial products. This acquisition enhances Innoviva's portfolio with potential first- and best-in-class treatments for multidrug-resistant Gram-negative bacteria, notably the lead asset SUL-DUR. A New Drug Application for SUL-DUR is expected to be filed with the U.S. FDA in Q3 2022. The acquisition, valued at $2.20 per share, resulted in Entasis becoming a wholly-owned subsidiary, leading to its delisting from the Nasdaq.
Innoviva will acquire La Jolla Pharmaceutical Company in a deal valued at approximately $149 million. La Jolla's stockholders will receive $5.95 per share, a premium of around 70% over the 30-day average share price. The tender offer is expected to commence on or before July 25, 2022. This acquisition enhances Innoviva's portfolio, particularly in infectious diseases, by adding key products GIAPREZA and XERAVA. The merger has received unanimous approval from both companies' boards and is anticipated to close within 30 business days, pending necessary conditions.
Innoviva has announced a definitive merger agreement to acquire La Jolla Pharmaceutical Company for $5.95 per share, a 70% premium on the 30-day average. The total transaction value is approximately $149 million. This acquisition aims to enhance Innoviva’s portfolio in infectious diseases, adding La Jolla’s products, GIAPREZA® and XERAVA®. The merger is anticipated to close within 30 business days, pending necessary shareholder approvals. Following the acquisition, La Jolla will become a wholly owned subsidiary of Innoviva.
Innoviva, Inc. (Nasdaq: INVA) announced the expiration of its tender offer to acquire all shares of Entasis Therapeutics Holdings Inc. (Nasdaq: ETTX) for $2.20 per share as of July 7, 2022. A total of 11,671,662 shares were validly tendered, meeting the minimum condition for the offer. The merger is expected to close on July 11, 2022, with Entasis becoming a wholly owned subsidiary of Innoviva. Shares not tendered will also be converted to cash at the same price. Post-merger, Entasis' common stock will no longer be traded on Nasdaq.
Innoviva has announced plans to acquire all outstanding shares of Entasis for $2.20 per share in cash, marking a 50% premium to Entasis’ closing price of $1.47 on January 31, 2022. This $113 million transaction advances Innoviva’s strategy to diversify its healthcare asset portfolio. Currently, Innoviva owns approximately 60% of Entasis. The merger, unanimously approved by both boards, is expected to close in Q3 2022 and aims to accelerate development of Entasis' lead asset, SUL-DUR, a potential treatment for multidrug-resistant infections.
Innoviva reported a 5% increase in first-quarter royalties, totaling $93.5 million compared to Q1 2021. Notable earnings included $55.8 million from RELVAR®/BREO® ELLIPTA® and $29.3 million from TRELEGY® ELLIPTA®. However, income from operations saw a 2% decrease to $77.7 million due to the accounting consolidation of Entasis. Innoviva made a strategic investment of $45.0 million in Armata Pharmaceuticals and a $15.0 million offer to acquire Entasis, amidst a $9.4 million decline in asset fair values.