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A few days ago, GlaxoSmithKline (GSK) announced in a statement that it has decided to sell all 32 million Innoviva common stocks to Innoviva at a price of $12.
25 per share.
The expected total proceeds from the sale will likely reach $392 million
.
GSK stated that the company will no longer hold any amount of Innovia stock after the sale is completed
.
According to the press release, the sale of Innovia shares will help GlaxoSmithKline invest in other "strategic priority" businesses
Although the early spin-off may harm the company's short-term earnings, GSK believes that the new business model may bring long-term returns
.
CEO Emma Walmsley said, "The purpose of all these adjustments is to support the long-term growth of GSK in the future, to create tremendous value, and to establish two new leading companies in the fields of biopharmaceuticals and consumer healthcare.
Innoviva has established a long-term respiratory partnership with GSK, and GSK agreed to continue to pay the company the royalties of TRELEGY® ELLIPTA®, RELVAR®/BREO®ELLIPTA® and ANORO®ELLIPTA®
.
In the first quarter of 2021, GSK’s franchised products generated total revenue of US$89 million
Innoviva CEO Pavel Raifeld said in a statement, “Innoviva views this stock repurchase as a compelling high-value-added transaction, which demonstrates Innoviva’s ability to take both strategic and opportunistic investment actions
.
It is believed that this will greatly accelerate the implementation of Innoviva’s strategy, and it will also significantly improve the long-term trading dynamics of Innoviva’s stock while the shareholders’ opinions remain consistent
Recently, Entasis Therapeutics announced that it has completed the initial fundraising of a US$20 million private placement with Innoviva, including up to US$7.
5 million in stocks
.
Innoviva has agreed to finally purchase 20 million US dollars of Entasis common stock, including the purchase of 10 million shares at a price of 2 US dollars per share, as well as warrant securities, the stock is expected to complete the second transaction in the second quarter of this year
In June 2020, Entasis also completed the second batch of common stock and Innoviva's warrant investment, totaling 35 million U.
S.
dollars
.
Entasis CEO Manos Perros said at the time that the completion of the financing provided the company with the necessary resources to complete the global Phase III registration trial of the fixed-dose combination of sulbactam and durlobactam (SUL-DUR) for Acinetobacter baumannii infection.
Reference source: GSK Sells Innoviva Shares Back to Respiratory Partner for $392 Million
