By Chris Wack

Innoviva Inc. said it is buying back GlaxoSmithKline's equity stake in Innoviva for $392 million.

Innoviva said the 32 million shares, representing 32% of the company's outstanding common stock, will be bought back at $12.25 a share, a 3% discount to the 5-day volume weighted average price of the company's common stock.

"We view the buyback as a compelling and highly accretive transaction demonstrating our ability to act strategically and opportunistically at the same time," Chief Executive Pavel Raifeld said.

Moelis & Company acted as a financial advisor and Willkie Farr Gallagher acted as a legal advisor to Innoviva.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 20, 2021 10:08 ET (14:08 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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