Baupost Group Sells Vast Majority of Innoviva Shares ~ market folly

Wednesday, May 10, 2017

Baupost Group Sells Vast Majority of Innoviva Shares

Seth Klarman's investment firm Baupost Group has filed an amended 13G with the SEC regarding its position in Innoviva (INVA).  Per the filing, Baupost now owns 0.92% of INVA with just over 1 million shares.

This is a sizable decrease from the previous 14.93 million shares they owned at the end of 2016 per their most recent 13F filing.  This latest filing was made due to portfolio activity on April 30th.

For more from this manager be sure to check out Seth Klarman's recommended reading list.

Per Google Finance, Innoviva "formerly Theravance, Inc., is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)). Under the Long-Acting Beta2 Agonist (LABA) Collaboration Agreement and the Strategic Alliance Agreement with GSK, the Company is eligible to receive the annual royalties from GSK on sales of RELVAR/BREO ELLIPTA. For other products combined with a LABA from the LABA collaboration, such as ANORO ELLIPTA, royalties are upward tiering and range from 6.5% to 10%. RELVAR/BREO is a once-a-day combination inhaled respiratory medicine consisting of a LABA (VI) and an inhaled corticosteroid (ICS), FF. ANORO ELLIPTA a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA."

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