Innoviva Inc. (INVA) agreed to repurchase of GSK's equity stake in Innoviva, constituting about 32 million shares, or 32% of the outstanding common stock, at $12.25 per shar for a total purchase price of $392 million.
The purchase price represents a 3% discount to the 5-day volume weighted average price of Innoviva's common stock.
Innoviva noted that GSK was its largest shareholder for many years and remains a key commercial partner.'
In Thursday regular trade, INVA was trading at $12.80 up $0.51 or 4.11%.
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