Innoviva prices $175M notes offering

Innoviva Inc. (NASDAQ:INVA) raised $175 million through the sale of 2.5% senior convertible notes due 2025 in a private placement. The unsecured notes initially convert at $17.26, a 25% premium to the company’s close of $13.77 on July 28, before Innoviva proposed the offering.

Innoviva jointly developed chronic obstructive pulmonary disease (COPD) and asthma therapy Relvar Ellipta with GlaxoSmithKline plc (LSE:GSK; NYSE:GSK). The company is managing development and commercial responsibilities plus royalty revenues for long-acting adrenergic receptor beta 2 agonist (LABA) products, including Relvar Ellipta, that are partnered with GSK...