Innoviva Names Pavel Raifeld as Chief Executive Officer
May 21 2020 - 4:05PM
Business Wire
Pavel Raifeld to continue the implementation
of the Company’s strategy and focus on value creation for
shareholders
Innoviva, Inc. (NASDAQ: INVA) (“Innoviva”) today announced the
appointment of Pavel Raifeld as Chief Executive Officer effective
May 20, 2020. Mr. Raifeld is a seasoned healthcare executive with a
strong background in strategy, business development and corporate
finance and has focused much of his career on the creation of
significant shareholder value. Mr. Raifeld replaces Geoff Hulme,
who served as the Company’s principal executive officer since May
2018.
Prior to joining Innoviva, Pavel Raifeld, CFA, served on the
investment team at Sarissa Capital Management LP, an investment
management firm focused on improving strategies of companies to
enhance shareholder value. Earlier, he was a senior member of the
healthcare investment banking team at Credit Suisse (USA) LLC.
Previously, Mr. Raifeld worked as a consultant, primarily
specializing in advising biopharmaceutical companies, at McKinsey
& Company, Inc. and The Boston Consulting Group Ltd. Mr.
Raifeld earned an AB degree from Harvard University and an MBA
degree from Columbia University.
Dr. Odysseas Kostas, Chairman of the Board of Innoviva, stated,
“We are excited to have Pavel join us. We believe the Company will
benefit from his background and experience as the Company continues
to move forward on the Board’s strategy to maximize shareholder
value and its focus on capital allocation. On behalf of the Board
and all Innoviva employees, I would also like to thank Geoff for
his commitment and many contributions to the Company.”
Mr. Raifeld said, “I am honored by and excited about the
opportunity to lead Innoviva. I look forward to working alongside
the experienced Board and talented team to build an even brighter
future for this great company.”
The Company expects that Geoff Hulme will remain with the
Company as an advisor for a period of time to ensure
continuity.
About Innoviva
Innoviva, Inc. (referred to as “Innoviva”, the “Company”, or
“we” and other similar pronouns), is a company with a portfolio of
royalties that include respiratory assets partnered with Glaxo
Group Limited (“GSK”), including RELVAR®/BREO® ELLIPTA®
(fluticasone furoate/ vilanterol, “FF/VI”), ANORO® ELLIPTA®
(umeclidinium bromide/ vilanterol, “UMEC/VI”) and TRELEGY® ELLIPTA®
(the combination FF/UMEC/VI). Under the Long-Acting Beta2 Agonist
(“LABA”) Collaboration Agreement, Innoviva is entitled to receive
royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® and ANORO®
ELLIPTA®. Innoviva is also entitled to 15% of royalty payments made
by GSK under its agreements originally entered into with us, and
since assigned to Theravance Respiratory Company, LLC (“TRC”),
relating to TRELEGY® ELLIPTA® and any other product or combination
of products that may be discovered and developed in the future
under the LABA Collaboration Agreement and the Strategic Alliance
Agreement with GSK (referred to herein as the “GSK Agreements”),
which have been assigned to TRC other than RELVAR®/BREO® ELLIPTA®
and ANORO® ELLIPTA®.
ANORO®, RELVAR®, BREO®, TRELEGY® and ELLIPTA® are trademarks of
the GlaxoSmithKline group of companies.
Forward-Looking Statements
This press release contains certain “forward-looking” statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995 regarding, among other things, statements relating to
goals, plans, objectives and future events. Innoviva intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 21E
of the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. The words “anticipate”, “expect”,
“goal”, “intend”, “objective”, “opportunity”, “plan”, “potential”,
“target” and similar expressions are intended to identify such
forward-looking statements. Such forward-looking statements involve
substantial risks, uncertainties and assumptions. These statements
are based on the current estimates and assumptions of the
management of Innoviva as of the date of this press release and are
subject to known and unknown risks, uncertainties, changes in
circumstances, assumptions and other factors that may cause the
actual results of Innoviva to be materially different from those
reflected in the forward-looking statements. Important factors that
could cause actual results to differ materially from those
indicated by such forward-looking statements include, among others,
risks related to: expected cost savings; lower than expected future
royalty revenue from respiratory products partnered with GSK; the
commercialization of RELVAR®/BREO®ELLIPTA®, ANORO®ELLIPTA® and
TRELEGY®ELLIPTA® in the jurisdictions in which these products have
been approved; the strategies, plans and objectives of Innoviva
(including Innoviva’s growth strategy and corporate development
initiatives beyond the existing respiratory portfolio); the timing,
manner, and amount of potential capital returns to shareholders;
the status and timing of clinical studies, data analysis and
communication of results; the potential benefits and mechanisms of
action of product candidates; expectations for product candidates
through development and commercialization; the timing of regulatory
approval of product candidates; projections of revenue, expenses
and other financial items. Other risks affecting Innoviva are
described under the headings “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” contained in Innoviva’s Annual Report on Form 10-K for
the year ended December 31, 2019, which is on file with the
Securities and Exchange Commission (“SEC”) and available on the
SEC’s website at www.sec.gov. Past performance is not necessarily
indicative of future results. No forward-looking statements can be
guaranteed and actual results may differ materially from such
statements. Given these uncertainties, you should not place undue
reliance on these forward-looking statements. The information in
this press release is provided only as of the date hereof, and
Innoviva assumes no obligation to update its forward-looking
statements on account of new information, future events or
otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200521005727/en/
Dan Zacchei / Alex Kovtun Sloane & Company 212-486-9500
dzacchei@sloanepr.com / akovtun@sloanepr.com
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