0001104659-20-032462.txt : 20200312 0001104659-20-032462.hdr.sgml : 20200312 20200312160114 ACCESSION NUMBER: 0001104659-20-032462 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200312 DATE AS OF CHANGE: 20200312 EFFECTIVENESS DATE: 20200312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Innoviva, Inc. CENTRAL INDEX KEY: 0001080014 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 943265960 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-30319 FILM NUMBER: 20708704 BUSINESS ADDRESS: STREET 1: 2000 SIERRA POINT PARKWAY STREET 2: SUITE 500 CITY: BRISBANE STATE: CA ZIP: 94005 BUSINESS PHONE: 6502389600 MAIL ADDRESS: STREET 1: 2000 SIERRA POINT PARKWAY STREET 2: SUITE 500 CITY: BRISBANE STATE: CA ZIP: 94005 FORMER COMPANY: FORMER CONFORMED NAME: THERAVANCE INC DATE OF NAME CHANGE: 20020207 FORMER COMPANY: FORMER CONFORMED NAME: ADVANCED MEDICINE INC DATE OF NAME CHANGE: 20000302 DEFA14A 1 a20-12546_1defa14a.htm DEFA14A

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 14A

 

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.     )

 

 

Filed by the Registrant  x

 

Filed by a Party other than the Registrant  o

 

Check the appropriate box:

o

Preliminary Proxy Statement

o

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

o

Definitive Proxy Statement

x

Definitive Additional Materials

o

Soliciting Material under §240.14a-12

 

INNOVIVA, INC.

(Name of Registrant as Specified In Its Charter)

 

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

 

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(2)

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(3)

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o

Fee paid previously with preliminary materials.

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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

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(4)

Date Filed:

 

 

 

 

 

To our fellow Shareholders,

 

Thank you for your investment in Innoviva.   In 2019, management and the board continued to reduce operating expenses and optimize capital allocation.  As a result of  these actions, Innoviva enters 2020 in an advantageous financial and operating position.

 

2019 Performance highlights include:

 

·                  Income from operations increased despite new generic entrants in the ICS/LABA class.

 

·                  Operating expenses were $14.7 million, down 36% from $22.8 million in 2018.  In the fourth quarter of 2019, total operating expenses were $2.3 million.

 

·                  Cash, cash equivalents, marketable securities, and accounts receivable grew from $198.2 million at the end of 2018 to $430.3 million at the end of 2019 and the company paid off the remaining principal balance of our senior secured term loan.

 

We remain focused on optimizing Innoviva’s assets.  The company has increasing cash resources and a long duration royalty portfolio.  Our board is composed of highly qualified directors with relevant pharmaceutical, clinical, and business experience and brings different perspectives in determining how best to allocate our capital effectively with the goal of enhancing long-term value for all shareholders.

 

Subsequent to the end of the fourth quarter, we were excited to announce our pending investment in Armata Pharmaceuticals, a leader in the emerging bacteriophage therapeutic area. The increasing global health risk posed by antibiotic-resistant bacterial infections has created a growing need for alternative, differentiated options.  This transaction is consistent with the commitment of the board and management to prudently and opportunistically deploy capital in order to create shareholder value.

 

Sincerely,

 

Geoffrey Hulme

Interim Principal Executive Officer

Innoviva, Inc.