Meaningful reductions in core operating costs expected
BRISBANE, Calif.--(BUSINESS WIRE)--
Innoviva, Inc. (the "Company" or "Innoviva") (NASDAQ: INVA) issued the
following statement ahead of its upcoming Annual Meeting of Stockholders
to be held on April 20, 2017:
Innoviva strives to engage with all of our shareholders, and we have
appreciated the support that we have received for our team and strategy
during the proxy fight with Sarissa Capital. We also welcome
constructive feedback on how to continue to deliver value for the
benefit of our shareholders. As a result of our recent conversations
with shareholders, your Board of Directors has determined to undertake a
fresh, comprehensive review of all of our costs, including executive
compensation structures.
We expect this review to result in meaningful savings in our core
operating costs that will benefit our financial performance. The review
will be conducted expeditiously and will be led by a special committee
of our independent directors. The Board expects to provide shareholders
with detailed outcomes of the review in the third quarter of 2017.
The Board remains confident in the Company's long-term plans for revenue
and profit growth, and remains fully committed to delivering attractive
returns for shareholders.
The Annual Stockholders Meeting is now just days away. We urge our
shareholders to vote on the WHITE proxy card in favor of the
current Board of Directors to protect their investment and the long-term
value of Innoviva.
About Innoviva
Innoviva is focused on bringing compelling new medicines to patients in
areas of unmet need by leveraging its significant expertise in the
development, commercialization and financial management of
bio-pharmaceuticals. Innoviva's portfolio is anchored by the respiratory
assets partnered with Glaxo Group Limited (GSK), including RELVAR®/BREO®
ELLIPTA® and ANORO® ELLIPTA®, which were jointly developed by Innoviva
and GSK. Under the agreement with GSK, Innoviva is eligible to receive
associated royalty revenues from RELVAR®/BREO® ELLIPTA®, ANORO®
ELLIPTA®. In addition, Innoviva retains a 15 percent economic interest
in future payments made by GSK for earlier-stage programs partnered with
Theravance BioPharma, Inc., including the closed triple combination
therapy for Chronic Obstructive Pulmonary Disease (COPD). For more
information, please visit Innoviva's website at www.inva.com.
ANORO®, RELVAR®, BREO® and ELLIPTA® are trademarks of the
GlaxoSmithKline group of companies.
Forward-Looking Statements
This press release contains certain "forward-looking" statements as that
term is defined in the Private Securities Litigation Reform Act of 1995
regarding, among other things, statements relating to goals, plans,
objectives and future events, including expected cost savings. Innoviva
intends such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 21E of
the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. The words "anticipate", "expect", "goal",
"intend", "objective", "opportunity", "plan", "potential", "target" and
similar expressions are intended to identify such forward-looking
statements. Such forward-looking statements involve substantial risks,
uncertainties and assumptions. These statements are based on the current
estimates and assumptions of the management of Innoviva as of the date
of this press release and are subject to risks, uncertainties, changes
in circumstances, assumptions and other factors that may cause the
actual results of Innoviva to be materially different from those
reflected in the forward-looking statements. Important factors that
could cause actual results to differ materially from those indicated by
such forward-looking statements include, among others, risks related to:
expected cost savings, lower than expected future royalty revenue from
respiratory products partnered with GSK, the commercialization of
RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA® in the jurisdictions in which
these products have been approved; the strategies, plans and objectives
of Innoviva (including Innoviva's growth strategy and corporate
development initiatives beyond the existing respiratory portfolio); the
timing, manner, amount and planned growth of anticipated potential
capital returns to shareholders (including, without limitation,
statements regarding Innoviva's expectations of future purchases under
its capital return programs and future cash dividends); the status and
timing of clinical studies, data analysis and communication of results;
the potential benefits and mechanisms of action of product candidates;
expectations for product candidates through development and
commercialization; the timing of regulatory approval of product
candidates; and projections of revenue, expenses and other financial
items. Other risks affecting Innoviva are described under the headings
"Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" contained in Innoviva's Annual
Report on Form 10-K for the year ended December 31, 2016, which is on
file with the Securities and Exchange Commission ("SEC") and available
on the SEC's website at www.sec.gov.
Additional factors may be described in those sections of Innoviva's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, to
be filed with the SEC in the second quarter of 2017. In addition to the
risks described above and in Innoviva's other filings with the SEC,
other unknown or unpredictable factors also could affect Innoviva's
results. Past performance is not necessarily indicative of future
results. No forward-looking statements can be guaranteed and actual
results may differ materially from such statements. Given these
uncertainties, you should not place undue reliance on these
forward-looking statements. The information in this press release is
provided only as of the date hereof, and Innoviva assumes no obligation
to update its forward-looking statements on account of new information,
future events or otherwise, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170413006172/en/
Investor Contact:
Innoviva, Inc.
Eric d'Esparbes
Senior
Vice President and Chief Financial Officer
650-238-9640
investor.relations@inva.com
or
Media
Contacts:
Abernathy MacGregor
Patrick Tucker or Ina
McGuinness
212-371-5999 or 213-630-6550
pct@abmac.com
or ina@abmac.com
Source: Innoviva, Inc.
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