BURLINGAME, Calif.--(BUSINESS WIRE)--Innoviva, Inc. (NASDAQ: INVA) (“Innoviva”) today announced the appointment of Pavel Raifeld as Chief Executive Officer effective May 20, 2020. Mr. Raifeld is a seasoned healthcare executive with a strong background in strategy, business development and corporate finance and has focused much of his career on the creation of significant shareholder value. Mr. Raifeld replaces Geoff Hulme, who served as the Company’s principal executive officer since May 2018.
Prior to joining Innoviva, Pavel Raifeld, CFA, served on the investment team at Sarissa Capital Management LP, an investment management firm focused on improving strategies of companies to enhance shareholder value. Earlier, he was a senior member of the healthcare investment banking team at Credit Suisse (USA) LLC. Previously, Mr. Raifeld worked as a consultant, primarily specializing in advising biopharmaceutical companies, at McKinsey & Company, Inc. and The Boston Consulting Group Ltd. Mr. Raifeld earned an AB degree from Harvard University and an MBA degree from Columbia University.
Dr. Odysseas Kostas, Chairman of the Board of Innoviva, stated, “We are excited to have Pavel join us. We believe the Company will benefit from his background and experience as the Company continues to move forward on the Board’s strategy to maximize shareholder value and its focus on capital allocation. On behalf of the Board and all Innoviva employees, I would also like to thank Geoff for his commitment and many contributions to the Company.”
Mr. Raifeld said, “I am honored by and excited about the opportunity to lead Innoviva. I look forward to working alongside the experienced Board and talented team to build an even brighter future for this great company.”
The Company expects that Geoff Hulme will remain with the Company as an advisor for a period of time to ensure continuity.
About Innoviva
Innoviva, Inc. (referred to as “Innoviva”, the “Company”, or “we” and other similar pronouns), is a company with a portfolio of royalties that include respiratory assets partnered with Glaxo Group Limited (“GSK”), including RELVAR®/BREO® ELLIPTA® (fluticasone furoate/ vilanterol, “FF/VI”), ANORO® ELLIPTA® (umeclidinium bromide/ vilanterol, “UMEC/VI”) and TRELEGY® ELLIPTA® (the combination FF/UMEC/VI). Under the Long-Acting Beta2 Agonist (“LABA”) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®. Innoviva is also entitled to 15% of royalty payments made by GSK under its agreements originally entered into with us, and since assigned to Theravance Respiratory Company, LLC (“TRC”), relating to TRELEGY® ELLIPTA® and any other product or combination of products that may be discovered and developed in the future under the LABA Collaboration Agreement and the Strategic Alliance Agreement with GSK (referred to herein as the “GSK Agreements”), which have been assigned to TRC other than RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®.
