SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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Item 1.02. Termination of a Material Definitive Agreement
Innoviva, Inc. (the “Company”) currently leases office space at Suite 500, 2000 Sierra Point Parkway, Brisbane, California (the “Brisbane Premises”) under a Lease dated June 10, 2016, (the “Brisbane Lease”), by and between the Company and 2000 Sierra Point Parkway LLC (“Sierra Point”). Under the Brisbane Lease, the Company currently pays base rent of $31,180 per month, increasing each year as indicated in the Brisbane Lease. The Brisbane Lease was set to expire on June 10, 2022. On September 13, 2019, the Company executed a Lease Termination Agreement with HCP Life Science Reit, Inc. (as successor-in-interest to Sierra Point) (“HCP Life”) (the “Brisbane Lease Termination Agreement”) to terminate the Brisbane Lease effective as of September 13, 2019 (the “Lease Termination Effective Date”). A termination fee of $63,202.50 is payable to HCP Life as a result of the Brisbane Lease Termination Agreement (the “Termination Fee”). HCP Life shall return the Company’s security deposit under the Brisbane Lease no later than thirty (30) days after the later of the Lease Termination Effective Date and the payment of the Termination Fee.
The foregoing description of the Brisbane Lease Termination Agreement is qualified by reference to the Brisbane Lease Termination Agreement, a complete copy of which will be filed as an Exhibit to the Company’s Form 10-Q for the quarter ended September 30, 2019 and is incorporated herein by reference.
The Company is currently negotiating a new lease which, upon execution, will be filed on Form 8-K or Form 10-Q, as applicable.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: September 17, 2019||By:||/s/ Geoffrey Hulme|
|Interim Principal Executive Officer|