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. Common Stock (INVA) is an innovative biopharmaceutical company focused on bringing compelling new medicines to patients in areas of unmet need. Leveraging its significant expertise in development, commercialization, and financial management, Innoviva has established a diverse portfolio that includes royalty assets and strategic healthcare investments.
Innoviva's primary assets are anchored in respiratory therapies, specifically those partnered with Glaxo Group Limited (GSK). The company is entitled to receive royalty revenues from key products such as Relvar®/Breo® Ellipta®, Anoro® Ellipta®, and potentially VI monotherapy if approved and commercialized. These products were jointly developed with GSK, showcasing a strong collaboration that significantly contributes to Innoviva's revenue stream.
In addition to its respiratory portfolio, Innoviva holds a 15% economic interest in future payments made by GSK for early-stage programs partnered with Theravance Biopharma, Inc. This strategic investment underlines Innoviva's commitment to fostering innovation in the biopharmaceutical industry.
More recently, Innoviva has expanded its footprint in critical care and infectious diseases through strategic acquisitions and partnerships. Notably, the company, via its subsidiary Innoviva Strategic Opportunities LLC, has entered into a secured credit agreement with Armata Pharmaceuticals, Inc., providing $35 million to advance Armata's lead therapeutic phage candidates. This financing underscores Innoviva's dedication to supporting groundbreaking therapies for antibiotic-resistant infections.
Furthermore, Innoviva’s product offerings extend beyond respiratory treatments to include other critical healthcare assets, such as Trelegy Ellipta®. The company's well-rounded portfolio ensures a balanced approach to addressing various healthcare challenges.
Innoviva continually strives to maximize shareholder value through strategic investments and partnerships, robust financial performance, and a commitment to advancing innovative medical solutions. For more detailed information about Innoviva, please visit their official website at www.inva.com.
Innoviva has announced that the FDA has accepted the NDA for SUL-DUR, a targeted antibiotic for treating serious infections caused by Acinetobacter baumannii complex. This drug aims to address the urgent public health threat posed by multidrug-resistant strains. The NDA is based on the Phase 3 ATTACK trial, showing SUL-DUR's non-inferiority to colistin in reducing 28-day mortality and a significant improvement in clinical cure rates. The FDA's priority review takes place with a target action date of May 29, 2023.
Innoviva, Inc. (NASDAQ: INVA) reported third-quarter 2022 revenue of $65.6 million in royalties, just slightly down from $65.7 million in Q3 2021. The income before taxes surged to $286.4 million, driven mainly by a gain from selling a 15% stake in Theravance Respiratory Company. Net cash provided by operating activities reached $192.8 million for the first nine months of 2022. The company completed a $100 million share repurchase program and acquired remaining interests in both Entasis Therapeutics and La Jolla Pharmaceutical. Despite challenges, Innoviva aims to enhance shareholder value with its new growth strategies.
La Jolla Pharmaceutical Company, a subsidiary of Innoviva (NASDAQ: INVA), announced the selection of five abstracts for poster presentation at IDWeek 2022, taking place from October 19-23, 2022, in Washington, D.C. These presentations will focus on XERAVA (eravacycline), an FDA-approved antibacterial for complicated intra-abdominal infections. Notable topics include combination therapy for Clostridioides difficile infection and usage in immunocompromised patients. XERAVA is marketed by Tetraphase Pharmaceuticals in the U.S. and by PAION in Europe.
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.
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