---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-112462"
form_type: "8-K/A"
ticker: "INVA"
cik: "0001080014"
company_name: "Innoviva, Inc."
filed_at: "2022-10-28T23:59:59+00:00"
generated_at: "2026-06-22T22:23:17.879630+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Innoviva completes sale of 15% stake in Theravance Respiratory to Royalty Pharma for $281.9M upfront

## Summary
- Sold 750 Class A and 750 Class C Units (15% ownership) of TRC to Royalty Pharma Investments for $281.9M upfront.
- Upfront cash: $277.5M for equity plus $4.4M distribution of TRC cash.
- Eligible for $50M contingent sales-based milestone payment from buyer.
- Sale closed July 20, 2022; pro forma financials reflect disposition as if effective Jan 1, 2021.
- Pro forma condensed consolidated statements for six months ended June 30, 2022 and FY 2021 filed.

## SEC filing metadata
- accession: 0001104659-22-112462
- form_type: 8-K/A
- ticker: INVA
- cik: 0001080014
- company_name: Innoviva, Inc.
- filed_at: 2022-10-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1080014/000110465922112462/0001104659-22-112462-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1080014/000110465922112462/tm2229092d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-112462
- JSON: https://secwatch.observer/filing/0001104659-22-112462.json
- Plain text: https://secwatch.observer/filing/0001104659-22-112462.txt

## Key facts
- M&A Transactions
  Innoviva, Inc. completed a disposition involving Royalty Pharma Investments 2019 ICAV for an upfront cash payment of $281.9 million and a $50 million contingent sales-based milestone payment (closed 2022-07-20).
  - Action: disposition
  - Counterparty: Royalty Pharma Investments 2019 ICAV
  - Consideration: an upfront cash payment of $281.9 million and a $50 million contingent sales-based milestone payment
  - Closing: 2022-07-20
  source text: On July 20, 2022, Innoviva TRC Holdings LLC (the “Seller”), a Delaware limited liability company and wholly-owned subsidiary of Innoviva, Inc. (the “Company”), completed the sale (the “Sale”) contemplated by the Equity Purchase Agreement (the “Purchase Agreement”) dated July 13, 2022, by and among the Company, the Seller and Royalty Pharma Investments 2019 ICAV (the “Buyer”), pursuant to which Seller agreed to sell its 750 Class A Units and 750 Class C Units of Theravance Respiratory Company, LLC (“TRC”) (the “Seller Equity”), representing all of the Seller’s 15% ownership in TRC, to the Buyer for an upfront cash payment of $281.9 million and a $50 million contingent sales-based milestone payment, on the terms and conditions set forth in the Purchase Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1080014/000110465922112462/0001104659-22-112462-index.htm

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