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Alexander J. Denner, a prominent investor through Sarissa Capital Management LP, has sold a significant portion of his holdings in Innoviva, Inc. (NASDAQ:INVA), a $1.1 billion market cap company currently rated as undervalued according to InvestingPro analysis. According to a recent SEC filing, Denner sold a total of 1,631,295 shares of Innoviva’s common stock over three days, from March 4 to March 6, 2025. The transactions amounted to approximately $28.4 million, with the shares sold at prices ranging from $17.5177 to $17.6291 per share. The company maintains impressive financial metrics, including an 89.84% gross profit margin and a healthy current ratio of 2.35.
Following these sales, Denner’s remaining stake in Innoviva stands at 5,658,705 shares. These transactions were conducted in multiple open market sales, as detailed in the filing. Sarissa Capital Management, where Denner serves as Chief Investment Officer, acted as the investment advisor for these transactions. With a beta of 0.57 and an overall financial health score of "GREAT," Innoviva demonstrates strong market stability. InvestingPro subscribers can access 8 additional key insights about Innoviva’s financial performance and outlook.
In other recent news, Innoviva, Inc. has announced a strategic development in its portfolio by securing an exclusive license and distribution agreement with Basilea Pharmaceutica Ltd for Zevtera® in the United States. Zevtera®, a cephalosporin antibiotic, received FDA approval in April 2024 for treating methicillin-resistant Staphylococcus aureus (MRSA) bloodstream infections and endocarditis, as well as for acute bacterial skin and skin structure infections and community-acquired bacterial pneumonia. This makes Zevtera® the only FDA-approved MRSA-targeting cephalosporin antibiotic for these conditions in the U.S. market.
Under the terms of the agreement, Basilea will receive an upfront payment of $4 million, along with tiered royalties and milestones based on net sales in the U.S. Innoviva plans to launch Zevtera® in the U.S. by mid-2025. This move is expected to enhance Innoviva’s portfolio, which already includes critical care and infectious disease treatments. The company also holds royalty interests in respiratory assets partnered with Glaxo Group Limited and has invested in healthcare assets such as Entasis Therapeutics and La Jolla Pharmaceutical (TADAWUL:2070) Company. The licensing of Zevtera® addresses a critical need for improved therapies for serious infections like MRSA bloodstream infections, which pose a significant challenge to healthcare systems.
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