Innoviva commences $175 million offering of eight-year convertibles

By Stephanie N. Rotondo

Seattle, July 31 – Innoviva Inc. plans to price a $175 million Rule 144A offering of convertible senior notes due 2025, the company said in a press release on Monday.

There is a $17.5 million over-allotment option.

The transaction is being done as part of the company’s plan to refinance its 0% fixed-rate term notes due 2029. Proceeds from the convertibles offering will be used to redeem a portion of the issue on Aug. 15.

The company may also use the funds to purchase common stock via privately negotiated transactions.

Innoviva is a Brisbane, Calif.-based biopharmaceutical company.

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