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.
Armata Pharmaceuticals, Inc. (NYSE American: ARMP) has successfully closed the second and final tranche of a $20 million private placement with Innoviva, Inc. (NASDAQ: INVA). This transaction raised approximately $13.9 million through the issuance of 4,285,935 common shares and warrants at $3.25 each, following a notable 99% shareholder approval. The first tranche, completed on January 26, 2021, raised $6.1 million. Following both closings, Armata now has 24,940,442 shares outstanding and warrants for 16,649,465 additional shares.
Innoviva, Inc. (NASDAQ: INVA) reported fourth-quarter 2020 gross royalty revenues of $93.9 million, primarily from GSK's RELVAR®/BREO® ELLIPTA®, ANORO® ELLIPTA®, and TRELEGY® ELLIPTA® products. Income before taxes rose 29% to $90.8 million. Significant net sales growth was noted: 5% for RELVAR®, 10% for ANORO®, and 42% for TRELEGY®. The company effectively managed its capital, investing nearly $400 million in promising assets and forming strategic partnerships to enhance returns. Cash and equivalents totaled $243.3 million as of year-end.
Armata Pharmaceuticals (NYSE American: ARMP) announced a securities purchase agreement with Innoviva (Nasdaq: INVA), securing approximately $20 million in gross proceeds. The funds will support Armata's bacteriophage development programs, including the FDA-cleared SWARM-P.a. study for AP-PA02 targeting Pseudomonas aeruginosa infections. The agreement includes the purchase of 6.2 million shares at $3.25 each and warrants, scheduled in two tranches. Armata aims to achieve significant clinical milestones in 2021 and 2022, advancing its pipeline for combatting antibiotic-resistant infections.
Innoviva, Inc. (NASDAQ: INVA) reported third-quarter 2020 financial results, showcasing gross royalty revenues of $92.2 million, primarily from GSK's sales of RELVAR®/BREO® ELLIPTA®, ANORO® ELLIPTA®, and TRELEGY® ELLIPTA®. Notably, RELVAR®/BREO® ELLIPTA® sales surged by 38% year-over-year. However, income before taxes decreased by 12% to $50.5 million. The company's total cash and equivalents stood at $474.9 million. Innoviva's investment in Entasis Therapeutics now totals 52.6%. The FDA approved TRELEGY® for asthma, enhancing growth prospects.