Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events

Subsequent Events

11. Subsequent Events

On August 7, 2017, we completed an offering of $175.0 million aggregate principal amount of our 2.50% convertible senior notes due 2025 (the “2025 Notes”). The 2025 Notes were sold in a private placement under a purchase agreement, dated as of August 1, 2017, entered into by and among Innoviva and Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc., as the initial purchasers (collectively, the “Initial Purchasers”), for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). We also granted the Initial Purchasers a right to purchase, within a 30-day period, up to an additional $17.5 million principal amount of additional 2025 Notes on the same terms and conditions, which the Initial Purchasers exercised in full on August 4, 2017 and which additional purchase was also completed on August 7, 2017.  We intend, as part of our ongoing commitment to optimize our capital structure and reduce our overall cost of capital, to use a portion of the net proceeds of this offering to redeem on the next interest payment date of August 15, 2017 a portion of the principal outstanding under our 2029 Notes. We also used approximately $17.5 million of the net proceeds from this offering to repurchase 1,317,771 shares of our common stock concurrently with the pricing of this offering in privately negotiated transactions effected through one of the initial purchasers or its affiliate, as our agent.