Innoviva Announces Retirement of Board Chairman
28 April 2023 - 11:30PM
Business Wire
Innoviva, Inc. (NASDAQ: INVA) (“Innoviva” and “the Company”) and
George Bickerstaff, III, Chairman of the Board of Directors of the
Company (the “Board”) today announced that Mr. Bickerstaff would
not stand for reelection at the Company’s 2023 Annual Meeting.
Following the Meeting, assuming that all other members of the Board
are reelected, the Board will be comprised of six members.
Mr. Bickerstaff indicated that he is stepping down from the
Board to focus on other professional and philanthropic pursuits,
which includes his role as chair of the Board of Trustees for the
International Vaccine Institute.
“Serving Innoviva as Board Chairman has been an honor,” said Mr.
Bickerstaff. “I am very proud of Innoviva’s transformation during
my tenure on the Board. I am excited for the future of the Company,
as it is well-positioned to continue executing on its
transformation under outstanding leadership.”
Pavel Raifeld, Chief Executive Officer of Innoviva, stated:
“George and I have worked side by side during my tenure as CEO, and
I have personally benefited from his deep insights, incisive
analytical approach, valuable counsel and camaraderie.”
“On behalf of the entire Company, I want to extend my
appreciation to George for his longstanding leadership and
commitment to Innoviva. George has been part of the Innoviva story
since 2017 and his extensive financial, accounting and business
perspectives and expertise have been integral to our
evolution.”
About Innoviva
Innoviva is a diversified holding company with a portfolio of
royalties and other healthcare assets. Innoviva’s royalty portfolio
includes respiratory assets partnered with Glaxo Group Limited
(“GSK”), including RELVAR®/BREO® ELLIPTA® (fluticasone furoate/
vilanterol, “FF/VI”) and ANORO® ELLIPTA® (umeclidinium bromide/
vilanterol, “UMEC/VI”). Under the Long-Acting Beta2 Agonist
(“LABA”) Collaboration Agreement, Innoviva is entitled to receive
royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® and ANORO®
ELLIPTA®. Innoviva’s other healthcare assets include infectious
disease and hospital assets stemming from acquisitions of Entasis
Therapeutics, including its lead asset sulbactam-durlobactam, and
La Jolla Pharmaceutical, including GIAPREZA® (angiotensin II),
approved to increase blood pressure in adults with septic or other
distributive shock and XERAVA® (eravacycline) for the treatment of
complicated intra-abdominal infections in adults. ANORO®, RELVAR®
and BREO® are trademarks of the GSK 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. 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 known and unknown 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®, ANORO® ELLIPTA®,
GIAPREZA® and XERAVA® 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); the timing, manner, and amount of
potential capital returns to shareholders; 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; the impact of the novel coronavirus (“COVID-19”);
the timing, manner and amount of capital deployment, including
potential capital returns to stockholders; and risks related to the
Company’s growth strategy. 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, 2021 and Quarterly Reports on Form
10-Q, which are on file with the Securities and Exchange Commission
(“SEC”) and available on the SEC’s website at www.sec.gov.
Additional risk factors are presented on Form 8-K filed on August
23, 2022. 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: https://www.businesswire.com/news/home/20230428005288/en/
Investor & Media Contacts: Argot Partners (212)
600-1902 innoviva@argotpartners.com
Innoviva (NASDAQ:INVA)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Innoviva (NASDAQ:INVA)
Historical Stock Chart
Von Mai 2023 bis Mai 2024