---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-031613"
form_type: "8-K"
ticker: "INVA"
cik: "0001080014"
company_name: "Innoviva, Inc."
filed_at: "2022-03-08T23:59:59+00:00"
generated_at: "2026-06-27T00:37:31.730219+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Innoviva closes $225M 2.125% convertible senior notes due 2028; repurchases $144.8M of 2023 notes

## Summary
- Issued $225M principal of 2.125% convertible notes due March 15, 2028; initial conversion price $26.22 (35% premium to $19.42 close on March 2, 2022).
- Net proceeds ~$216.8M; used $18.1M for capped calls and $165.6M to repurchase $144.8M of 2.125% convertible subordinated notes due 2023.
- Capped call transactions entered with option counterparties; cap price initially $33.9850 (75% premium over March 2 closing price).
- Initial purchasers granted option to buy up to an additional $45M of notes within 13 days.
- Notes redeemable at Innoviva's option on or after March 20, 2025 if stock exceeds 130% of conversion price for a specified period.

## SEC filing metadata
- accession: 0001104659-22-031613
- form_type: 8-K
- ticker: INVA
- cik: 0001080014
- company_name: Innoviva, Inc.
- filed_at: 2022-03-08T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1080014/000110465922031613/0001104659-22-031613-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1080014/000110465922031613/tm228653d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-031613
- JSON: https://secwatch.observer/filing/0001104659-22-031613.json
- Plain text: https://secwatch.observer/filing/0001104659-22-031613.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.