<SEC-DOCUMENT>0001140361-22-023368.txt : 20220809
<SEC-HEADER>0001140361-22-023368.hdr.sgml : 20220809
<ACCEPTANCE-DATETIME>20220617080004
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-22-023368
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Innoviva, Inc.
		CENTRAL INDEX KEY:			0001080014
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				943265960
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1350 OLD BAYSHORE HIGHWAY
		STREET 2:		SUITE 400
		CITY:			BURLINGAME
		STATE:			CA
		ZIP:			94010
		BUSINESS PHONE:		6502389600

	MAIL ADDRESS:	
		STREET 1:		1350 OLD BAYSHORE HIGHWAY
		STREET 2:		SUITE 400
		CITY:			BURLINGAME
		STATE:			CA
		ZIP:			94010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THERAVANCE INC
		DATE OF NAME CHANGE:	20020207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED MEDICINE INC
		DATE OF NAME CHANGE:	20000302
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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    <div style="text-align: center;"> Innoviva, Inc.<br>
      1350 Old Bayshore Highway, Suite 400<br>
      Burlingame, CA 94010<br>
    </div>
    <div> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">June 17, 2022</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Office of Mergers and Acquisitions</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Division of Corporation Finance</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Securities and Exchange Commission</div>
    <div style="font-family: 'Times New Roman',Times,serif;">100 F Street, NE</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Washington, D.C. 20549</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Attention:&#160; Mr. Perry Hindin, Special Counsel</div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48c9d00357514c3f9f6bed5e24382bc6" cellpadding="0" cellspacing="0">

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          </td>
          <td style="width: 36pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Re:</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Entasis Therapeutics Holdings Inc.</div>
          </td>
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    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Schedule 13E-3 and Schedule TO filed on June 7, 2022 by Innoviva, Inc. and </div>
    <div style="margin-left: 72pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Innoviva Merger Sub, Inc.</div>
    <div style="text-indent: -18pt; margin-left: 90pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SEC File No. 005-90651</div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Dear Mr. Hindin:</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">In connection with the comments of the staff (the &#8220;Staff&#8221;) of the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) contained in your letter dated June 10, 2022
      (the &#8220;Comment Letter&#8221;) to myself and copying Jonathan S. Kubek, Esq. of Willkie Farr &amp; Gallagher LLP, our external counsel, relating to the Schedule 13E-3 (the &#8220;Schedule 13E-3&#8221;) and the Schedule TO-T (the &#8220;Schedule TO&#8221;, and together with the
      Schedule 13E-3, the &#8220;Filings&#8221;) filed by Innoviva, Inc., a Delaware corporation (&#8220;Innoviva&#8221;), and Innoviva Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Innoviva (the &#8220;Purchaser&#8221; and, together with Innoviva, the &#8220;Filing
      Persons&#8221;), on June 7, 2022 (File No. 005-90651), the Filing Persons hereby set forth below responses to the comments of the Staff contained in the Comment Letter.&#160; Concurrently with our submission of this letter, we are filing an amendment to the
      Schedule 13E-3, and certain exhibits thereto, setting forth the changes described herein (the &#8220;13E-3 Amendment&#8221;) and an amendment to the Schedule TO, and certain exhibits thereto, setting forth the changes described herein (the &#8220;TO Amendment&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">The headings and numbered paragraphs of this letter correspond to the headings and paragraph numbers contained in the Comment Letter, and to facilitate your review, we have
      reproduced the text of the Staff&#8217;s comments in bold.&#160; Capitalized terms used herein and otherwise not defined herein shall have the meanings assigned to such terms in the Schedule TO and the Offer to Purchase filed as Exhibit (a)(1)(A) thereto (as
      amended, the &#8220;Offer to Purchase&#8221;).</div>
    <div>&#160;</div>
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    <div>Mr. Perry Hindin, Special Counsel
      <div>U.S. Securities and Exchange Commission</div>
      <div>June 17, 2022</div>
      <div>Page 2</div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Schedule 13E-3 filed on June 7, 2022</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>General</u></div>
    <div>&#160;</div>
    <div>
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              <div style="font-family: 'Times New Roman',Times,serif;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Please amend the Schedule 13E-3 to reflect any changes made to the disclosure included in the Offer to Purchase and Schedule 14D-9 in response to
                staff comments. Please also revise the signature block to include the Purchaser.</div>
            </td>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-size: 10pt;">:&#160; We confirm that the Schedule 13E-3 Amendment
        reflects the changes made to the disclosure in the Offer to Purchase and Schedule 14D-9 in response to the Staff&#8217;s comments, and we have added a signature block to include the Purchaser.</font></div>
    <div>&#160;</div>
    <div>
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              <div style="font-family: 'Times New Roman',Times,serif;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Please describe the effects of the transaction on Entasis&#8217;s affiliates and unaffiliated security holders, including the effect of the transaction
                on the Purchaser Parties&#8217; interest in the net book value and net earnings of Entasis in both dollar amounts and percentages. Refer to Exchange Act Rule 13e-3(e), Item 7 of Schedule 13E-3, Item 1013(d) of Regulation M-A and Instruction 3
                thereto.</div>
            </td>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-size: 10pt;">:&#160; In response to the Staff&#8217;s comment, in the TO
        Amendment, we have revised the discussion of the effects of the transaction on page 50 of the Offer to Purchase to address the effects on Entasis&#8217; affiliates and unaffiliated security holders, including the effect of the transaction on the Filing
        Persons&#8217; interest in the net book value and net earnings of Entasis in both dollar amounts and percentages.</font></div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Schedule TO filed on June 7, 2022</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>14. Position of Parent and Purchaser Regarding Fairness of the Offer and Merger, page 47</u></div>
    <div>&#160;</div>
    <div>
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              <div style="font-family: 'Times New Roman',Times,serif;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">We note the disclosure on page 47 that &#8220;[t]he Purchaser Parties reasonably believe that the Offer Price and the Merger Consideration to be
                received by the Unaffiliated Stockholders are fair to such Unaffiliated Stockholders.&#8221; The term &#8220;Unaffiliated Stockholders&#8221; is defined to mean &#8220;the stockholders of Entatsis [sic] other than the Purchaser Parties.&#8221; Please note that the staff
                considers officers and directors of Entasis to be affiliates when considering whether such reference is sufficiently specific to satisfy Item 1014(a) of Regulation M-A. Please refer to the definition of &#8220;affiliate&#8221; in Exchange Act Rule
                13e-3(a)(1). Please consider whether such term applies to any other directors and officers of Entasis or its affiliates who are not necessarily members of the Purchaser Parties or their affiliates. Please revise the disclosure to comply
                with the disclosure obligations set forth in Item 1014(a).</div>
            </td>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-size: 10pt;">:&#160; In response to the Staff&#8217;s comment, in the TO
        Amendment, we have revised the definition of &#8220;Unaffiliated Stockholders&#8221; on page 47 of the Offer to Purchase to make clear that an Unaffiliated Stockholder does not include the Filing Persons or the officers and directors of Entasis.</font></div>
    <div>&#160;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">-2-</font></div>
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    <div>
      <div> Mr. Perry Hindin, Special Counsel
        <div>U.S. Securities and Exchange Commission</div>
        <div>June 17, 2022</div>
        <div>Page 3<br>
        </div>
      </div>
      <div> <br>
      </div>
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              <div style="font-family: 'Times New Roman',Times,serif;">4.</div>
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              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">All of the factors listed in Instruction 2 to Item 1014 of Regulation M-A are generally relevant to the fairness determination and should be
                discussed in reasonable detail. See Question Nos. 20 and 21 of Exchange Act Release No. 34-17719 (April 13, 1981). Please revise this section to either include the factors described in clauses (ii) and (vi) of Instruction 2 to Item 1014 and
                Item 1014(c) or explain why such factors were not deemed material or relevant. If the procedural safeguard in Item 1014(c) was not considered, please explain why the parties believe the Rule 13e-3 transaction is fair in the absence of such
                safeguard. In responding to this comment with respect to 1014(c), please refer to our preceding comment regarding the definition of &#8220;Unaffiliated Stockholders.&#8221;</div>
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;"><u>Response</u>:&#160; In response to the Staff&#8217;s comment, in the TO Amendment, we have revised the discussion of the factors considered in determining that the transaction is fair
      to the unaffiliated stockholders of Entasis in Item 14 on pages 47-50 of the Offer to Purchase to include the rationale for why the factors in clauses (ii) and (vi) of Instruction 2 to Item 1014 and Item 1014(c) were not considered in such
      determination.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>General</u></div>
    <div>&#160;</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69e9b89baa7f4c7ca92fbd21454a1cd2" cellpadding="0" cellspacing="0">

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              <div style="font-family: 'Times New Roman',Times,serif;">5.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">With a view towards disclosure, please advise why the Minimum Condition excludes shares beneficially owned by Manoussos Perros, the Entasis CEO.</div>
            </td>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;"><u> <br>
      </u></div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>Response</u></font><font style="font-size: 10pt;">:&#160; In response to the Staff&#8217;s comment, in the TO
        Amendment, we have revised discussion of the Minimum Condition on pages 51-52 of the Offer to Purchase to include the rationale for excluding the shares beneficially owned by Manoussos Perros.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">We, the Bidders, hereby acknowledge that:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;1. We are responsible for the adequacy and accuracy of the disclosure in the Filings;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;2. Comments from the Staff of the SEC or changes to the disclosure in the Filings in response to comments from the Staff of the SEC do not foreclose
      the SEC from taking any action with respect to the Filings; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;3. We may not assert comments from the staff of the SEC as a defense in any proceeding initiated by the SEC or any person under the federal securities
      laws of the United States.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">If you have any questions or would like further information concerning the Filing Parties responses to the Comment Letter, please do not hesitate to
      contact me at (281) 776-7391 or Jonathan S. Kubek of Willkie Farr &amp; Gallagher LLP, our external counsel, at (212) 728-8681. Thank you for your time and consideration.</div>
    <div>&#160;</div>
    <div> <br>
    </div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;"> Mr. Perry Hindin, Special Counsel
      <div style="font-family: 'Times New Roman', Times, serif;">U.S. Securities and Exchange Commission</div>
      <div style="font-family: 'Times New Roman', Times, serif;">June 17, 2022</div>
      <div style="font-family: 'Times New Roman', Times, serif;">Page 4<br>
      </div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;"> <br>
    </div>
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          <td style="width: 50%;">&#160;</td>
          <td style="width: 50%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: bold;">
            <div style="font-weight: bold;">Innoviva, Inc.</div>
          </td>
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    <div style="text-indent: 270pt; font-size: 12pt; font-weight: bold;"> </div>
  </div>
  <div><br>
    <div style="margin-right: 18pt; font-family: 'Times New Roman',Times,serif;"> </div>
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          <td style="width: 50%; padding-bottom: 2px; font-weight: normal;">&#160;</td>
          <td style="width: 4%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal; padding-bottom: 2px;">By: <br>
          </td>
          <td colspan="1" style="width: 46%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Pavel Raifeld <br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; font-weight: normal;">&#160;</td>
          <td rowspan="1" style="width: 4%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal;">Name: <br>
          </td>
          <td rowspan="1" colspan="1" style="width: 46%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: 400;">
            <div style="font-weight: normal;">&#160;Pavel Raifeld</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; font-weight: normal;">&#160;</td>
          <td rowspan="1" style="width: 4%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal;">Title: <br>
          </td>
          <td rowspan="1" colspan="1" style="width: 46%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal;">&#160;Chief Executive Officer <br>
          </td>
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    <div style="margin-right: 18pt; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
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          <td style="width: 50%;">&#160;</td>
          <td style="width: 50%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: bold;">Innoviva Merger Sub, Inc. <br>
          </td>
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    <div style="text-indent: 270pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
    </div>
    <table id="85a659f402c84b95a73a012f890f81c1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

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          <td style="width: 50%; padding-bottom: 2px; font-weight: normal;">&#160;</td>
          <td style="width: 4%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal; padding-bottom: 2px;">By: <br>
          </td>
          <td colspan="1" style="width: 46%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Pavel Raifeld <br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; font-weight: normal;">&#160;</td>
          <td rowspan="1" style="width: 4%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal;">Name: <br>
          </td>
          <td colspan="1" rowspan="1" style="width: 46%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: 400;">&#160;Pavel Raifeld <br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; font-weight: normal;">&#160;</td>
          <td rowspan="1" style="width: 4%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal;">Title: <br>
          </td>
          <td colspan="1" rowspan="1" style="width: 46%; font-family: 'Times New Roman',Times,serif; text-align: left; font-weight: normal;">&#160;President <br>
          </td>
        </tr>

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    <div><br>
    </div>
    <br>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="font-family: 'Times New Roman',Times,serif;">cc:&#160; &#160; Jonathan S. Kubek<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160; Willkie Farr &amp; Gallagher LLP</div>
    <div>&#160;</div>
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</SEC-DOCUMENT>
