Innoviva sells 15% TRC stake to Royalty Pharma for ~$282M upfront plus $50M milestone

Innoviva, Inc.

Upfront cash payment of $282M; potential $50M sales-based milestone payment.
Retained full ownership of TRC's investments in InCarda, ImaginAb, Gate Neurosciences, and Nanolive SA.
Retained royalty rights on ANORO ELLIPTA and RELVAR/BREO ELLIPTA after closing.
Theravance Biopharma concurrently selling its 85% TRC stake to Royalty Pharma.
Transaction expected to close July 2022; includes amendments to GSK collaboration agreement.

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