(Alliance News) - GlaxoSmithKline PLC on Thursday said it has agreed to sell 32 million shares in Innoviva Inc back to the royalty management company, raising USD392 million.
The sale of shares back to Innoviva, priced at USD12.25 per share, means pharmaceutical company GSK will no longer hold any more Innoviva stock once the transaction completes. Innoviva shares closed at USD12.29 on Wednesday.
Innoviva shares were trading 1.7% higher at USD12.50 on Thursday in New York, while GSK shares were down 0.4% at 1,362.00 pence in London.
"This equity disposal releases capital to enable GSK to make further investment behind the group's strategic priorities," said GSK.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Glaxosmithkline (GSK)