Innoviva Buys Back GlaxoSmithKline's Stake for $392 Million
May 20 2021 - 10:23AM
Dow Jones News
By Chris Wack
Innoviva Inc. said it is buying back GlaxoSmithKline's equity
stake in Innoviva for $392 million.
Innoviva said the 32 million shares, representing 32% of the
company's outstanding common stock, will be bought back at $12.25 a
share, a 3% discount to the 5-day volume weighted average price of
the company's common stock.
"We view the buyback as a compelling and highly accretive
transaction demonstrating our ability to act strategically and
opportunistically at the same time," Chief Executive Pavel Raifeld
said.
Moelis & Company acted as a financial advisor and Willkie
Farr Gallagher acted as a legal advisor to Innoviva.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 20, 2021 10:08 ET (14:08 GMT)
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