BRISBANE, Calif.--(BUSINESS WIRE)--
Innoviva, Inc. (the "Company" or "Innoviva") (NASDAQ: INVA) today
issued the following statement.
Innoviva has a track record of having a robust and continuing dialogue
with its shareholders.
On the date of the nomination deadline, Sarissa submitted a slate of
four nominees to take control of Innoviva's Board. Innoviva reached out
to Sarissa promptly following that submission and had discussions with
Sarissa and each of their nominees. We have communicated our openness to
Sarissa regarding a continuing dialogue and have offered to have further
discussions with them. "Constructive dialogue," however, does not
require replacing Innoviva's independent directors with Sarissa nominees.
Innoviva and its Board have a track record of delivering value to its
shareholders. Innoviva's 2017 strategic plan focuses on maximizing the
commercial potential of the respiratory portfolio, including returning
up to $150 million in capital to investors. In addition:
Innoviva's share price outperformed the NBI by 22% in 2016;
Royalty revenue increased 80% in the fourth quarter of 2016 (as
compared to the fourth quarter of 2015) and increased at a 32%
quarterly compounded growth rate over the last ten quarters;
We returned approximately $17 million of capital to investors during
the fourth quarter of 2016 (which brings the total investor capital
returns to $118 million since launching the current capital
return plan in the fourth quarter of 2015); and
Total operating expenses were less than 14% of total net
revenue in the fourth quarter of 2016.
Further detail on Innoviva's performance can be found by following this
WHERE TO FIND ADDITIONAL INFORMATION:
The Company, its directors and certain of its executive officers and
employees may be deemed to be participants in the solicitation of
proxies from stockholders in connection with the Company's 2017 annual
meeting of stockholders (the "2017 Annual Meeting"). On March 7, 2017,
the Company filed a preliminary proxy statement with the SEC in
connection with the solicitation of proxies for the 2017 Annual Meeting.
Prior to the 2017 Annual Meeting, the Company will furnish a definitive
proxy statement to its stockholders (the "2017 Proxy Statement"),
together with a WHITE proxy card. STOCKHOLDERS ARE URGED TO READ THE
2017 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC
CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. Additional information regarding the
identity of these potential participants and their direct or indirect
interests, by security holdings or otherwise, is set forth in the
preliminary proxy statement for the 2017 Annual Meeting and will be set
forth in the 2017 Proxy Statement and other materials to be filed with
the SEC in connection with the 2017 Annual Meeting.
Stockholders will be able to obtain, free of charge, copies of the 2017
Proxy Statement, any amendments or supplements thereto and any other
documents (including the WHITE proxy card) when filed by the Company
with the SEC in connection with the 2017 Annual Meeting at the SEC's
at the Company's website (http://investor.inva.com/sec.cfm),
by contacting Investor Relations by email at email@example.com,
or by mail at Innoviva, Inc., Attn: Investor Relations, 2000 Sierra
Point Parkway, Suite 500, Brisbane, California 94005. In addition,
copies of the proxy materials, when available, may be requested from the
Company's proxy solicitor, Innisfree M&A Incorporated at 501 Madison
Ave, 20th Floor, New York, NY 10022 or toll-free at (888) 750-5834.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170313005976/en/
Vice President and Chief Financial Officer
Patrick Tucker or Ina
212-371-5999 or 213-630-6550
Source: Innoviva, Inc.
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