88338TAB0

Innoviva, Inc.

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A biopharmaceutical royalty company that developed respiratory medicines in partnership with GlaxoSmithKline, including the Ellipta inhaler products Breo and Anoro, and now earns ongoing royalties from those drugs. It was born in 2014 when the drug developer Theravance split in two: the research-and-development arm became Theravance Biopharma, while the royalty business took the name Innoviva. The name blends "innovation" and "vival"—a nod to the company's core role of keeping proven medicines alive in the market.

2.125% Note