February 13, 2018 / 11:51 AM / 3 months ago

BRIEF-Innoviva Enteres Into Agreement With Sarissa Capital Management

Feb 13 (Reuters) - Innoviva Inc:

* INNOVIVA INC - ENTERED INTO AN AGREEMENT WITH SARISSA CAPITAL MANAGEMENT LP, AND CERTAIN OF ITS AFFILIATES

* INNOVIVA SAYS AGREED TO NOMINATE FIVE-PERSON SLATE FOR ELECTION AS DIRECTORS AT 2018 ANNUAL MEETING - SEC FILING

* INNOVIVA - CONCURRENTLY WITH EXECUTION OF AGREEMENT, TOTAL NUMBER OF DIRECTORS CONSTITUTING CO’S BOARD INCREASED FROM 8 TO 10 DIRECTORS - SEC FILING‍​

* INNOVIVA - AGREED TO CONVENE 2018 ANNUAL MEETING NO LATER THAN MAY 1 & NOT POSTPONE/ADJOURN MEETING WITHOUT PRIOR CONSENT OF SARISSA GROUP

* INNOVIVA - ALSO AGREED TO REIMBURSE SARISSA GROUP FOR ITS OUT-OF-POCKET FEES AND EXPENSES IN AMOUNT OF UP TO $2.7 MILLION - SEC FILING

* INNOVIVA - WILLIAM WALTRIP, PATRICK LEPORE, BARBARA DUNCAN, CATHERINE FRIEDMAN & PAUL PEPE DO NOT INTEND TO STAND FOR RE-ELECTION AT 2018 ANNUAL MEETING

* INNOVIVA-PRIOR TO COMPLETION OF 2018 MEETING, AGREED CO WILL NOT, WITHOUT WRITTEN CONSENT OF SARISSA GROUP, INCREASE SIZE OF BOARD OR FILL ANY VACANCY Source text: (bit.ly/2EogwqD) Further company coverage:

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