Innoviva has signed an agreement for the sale of its 15% economic stake in Theravance Respiratory Company (TRC) to Royalty Pharma for nearly $282m in upfront cash payments and a potential contingent sales-based milestone payment of $50m.

TRC receives royalties generating from sales of TRELEGY ELLIPTA (the combination FF/UMEC/VI).

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According to the agreement, TRC also transferred all of its ownership stakes and investments in InCarda Therapeutics, ImaginAb, Gate Neurosciences, and Nanolive to Innoviva.

With respect to its respiratory assets ANORO ELLIPTA and RELVAR/BREO ELLIPTA, Innoviva retained its royalty rights.

The sale is expected to close this month.

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Innoviva CEO Pavel Raifeld said: “We are very pleased to have entered into this agreement with Royalty Pharma, a market leader in healthcare royalty acquisitions.”

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“This transaction allows us to capture an attractive valuation for our share of TRELEGY ELLIPTA economics, enhances our cash position at a time of meaningful market dislocations, and demonstrates our continued commitment to leaving no stone unturned in our efforts to maximise shareholder value.

“We look forward to continuing our long-standing collaboration with GSK for RELVAR/BREO ELLIPTA and ANORO ELLIPTA.”

Prior to this development, Innoviva signed a definitive merger agreement to acquire all of the outstanding shares of La Jolla Pharmaceutical Company for an enterprise value of nearly $149m, through its wholly owned subsidiary.

Concurrently, Theravance Biopharma entered a transaction to sell its economic interest of 85% in TRC to Royalty Pharma.

Innoviva, Theravance Biopharma and GSK signed a customary release of claims with regard to conduct before the closing.