Innoviva Urges Shareholders to Vote For Current Board

Innoviva (INVA) is urging its shareholders to vote for the current board and to disregard Sarissa’s “attempts to change a successful strategy.” The company is holding its annual shareholders meeting on April 20.

Innoviva argues that the current board is delivering a 32% compounded growth rate on royalties over the last 10 reported quarters, and will make a comprehensive review of all the company’s costs, including executive and director compensation. Additionally, the company’s board is “working on a strategy for growth that is supported by its partner, GlaxoSmithKline (GSK).” GlaxoSmithKline has said publicly it will vote in favor of the current board.

Conversely, Sarissa, Innoviva argues, has a history of destroying value, is seeking effective control with the nomination of 4 directors for a 7-person board, and is trying to oust the current CEO and Chairman.

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