Innoviva to undertake comprehensive review of cost, compensation structures
Innoviva issued the following statement ahead of its upcoming Annual Meeting of Stockholders to be held on April 20, 2017: "Innoviva strives to engage with all of our shareholders, and we have appreciated the support that we have received for our team and strategy during the proxy fight with Sarissa Capital. We also welcome constructive feedback on how to continue to deliver value for the benefit of our shareholders. As a result of our recent conversations with shareholders, your Board of Directors has determined to undertake a fresh, comprehensive review of all of our costs, including executive compensation structures. We expect this review to result in meaningful savings in our core operating costs that will benefit our financial performance. The review will be conducted expeditiously and will be led by a special committee of our independent directors. The Board expects to provide shareholders with detailed outcomes of the review in the third quarter of 2017. The Board remains confident in the Company's long-term plans for revenue and profit growth, and remains fully committed to delivering attractive returns for shareholders. The Annual Stockholders Meeting is now just days away. We urge our shareholders to vote on the WHITE proxy card in favor of the current Board of Directors to protect their investment and the long-term value of Innoviva."