Sting­ing from a proxy loss and hun­gry for cash, Glax­o­SmithK­line bails on eq­ui­ty stake in In­no­vi­va for a tidy $392M

Fol­low­ing a failed at­tempt to chal­lenge a slate of new board can­di­dates at a com­pa­ny in which it’s a sig­nif­i­cant mi­nor­i­ty share­hold­er, Glax­o­SmithK­line has sold off its en­tire eq­ui­ty stake.

GSK last week at­tempt­ed to thwart the elec­tion of five pro­posed board mem­bers at the an­nu­al meet­ing of Burlingame, CA-based In­no­vi­va, the biotech said in an SEC fil­ing Thurs­day, ob­ject­ing to all but one of the new can­di­dates. Then lat­er Thurs­day, GSK an­nounced it had sold its en­tire 32% stake in In­no­vi­va, rais­ing about $392 mil­lion.

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