In addition, Theravance plans to buy back $95 million from its existing investors "in the near term" and another $60 million in its shares on the open market.
In a press release, Theravance says it hopes to complete that part of its plan by the end of 2023.
The move is the latest in a back-and-forth between GSK, Theravance, and Theravance's spinoff Innoviva, Inc. (NASDAQ: INVA).
In May 2021, GSK offloaded its stake in Innoviva with 32 million shares at $12.25 per share, raising gross proceeds of approximately $392 million.
Price Action: TBPH shares are up 2.48% at $10.32 on the last check Monday.
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