Theravance, Innoviva sell royalty rights on GSK's Trelegy to Royalty Pharma for $1.3B upfront
Royalty Pharma is shelling out the big bucks to get its hands on royalties for a GSK drug.
Theravance Biopharma put out word Wednesday that it has agreed to sell all of its shares in Theravance Respiratory Company (85%) to Royalty Pharma, who agreed to pay out $1.1 billion in cash and another $400 million in additional payments contingent on sales milestones. Innoviva, who controls the other 15%, also sold its shares to Royalty for an additional $282 million plus a possible $50 million milestone payment in a coordinated transaction.
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