<SEC-DOCUMENT>0000899140-25-000427.txt : 20250317
<SEC-HEADER>0000899140-25-000427.hdr.sgml : 20250317
<ACCEPTANCE-DATETIME>20250317213127
ACCESSION NUMBER:		0000899140-25-000427
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250317
DATE AS OF CHANGE:		20250317

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Innoviva, Inc.
		CENTRAL INDEX KEY:			0001080014
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				943265960
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-80415
		FILM NUMBER:		25746315

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sarissa Capital Management LP
		CENTRAL INDEX KEY:			0001577524
		ORGANIZATION NAME:           	
		IRS NUMBER:				900924432
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		660 STEAMBOAT ROAD
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-302-2330

	MAIL ADDRESS:	
		STREET 1:		660 STEAMBOAT ROAD
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13D/A</submissionType>
<previousAccessionNumber>0001104659-19-010200</previousAccessionNumber>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001577524</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>5</amendmentNo>
<securitiesClassTitle>Common Stock, par value $0.01 per share</securitiesClassTitle>
<dateOfEvent>03/13/2025</dateOfEvent>
<previouslyFiledFlag>false</previouslyFiledFlag>
<issuerInfo>
<issuerCIK>0001080014</issuerCIK>
<issuerCUSIP>45781M101</issuerCUSIP>
<issuerName>INNOVIVA, INC.</issuerName>
<address>
<com:street1>1350 OLD BAYSHORE HIGHWAY</com:street1>
<com:street2>SUITE 400</com:street2>
<com:city>BURLINGAME</com:city>
<com:stateOrCountry>CA</com:stateOrCountry>
<com:zipCode>94010</com:zipCode>
</address>
</issuerInfo>
<authorizedPersons>
<notificationInfo>
<personName>Mark DiPaolo, General Counsel</personName>
<personPhoneNum>203-302-2330</personPhoneNum>
<personAddress>
<com:street1>Sarissa Capital Management LP</com:street1>
<com:street2>660 Steamboat Road, 3rd Floor</com:street2>
<com:city>Greenwich</com:city>
<com:stateOrCountry>CT</com:stateOrCountry>
<com:zipCode>06830</com:zipCode>
</personAddress>
</notificationInfo>
</authorizedPersons>
</coverPageHeader>
<reportingPersons>
<reportingPersonInfo>
<reportingPersonCIK>0001577524</reportingPersonCIK>
<reportingPersonName>Sarissa Capital Management LP</reportingPersonName>
<fundType>AF</fundType>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2966022</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2966022</sharedDispositivePower>
<aggregateAmountOwned>2966022</aggregateAmountOwned>
<isAggregateExcludeShares>N</isAggregateExcludeShares>
<percentOfClass>4.7</percentOfClass>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</reportingPersonInfo>
<reportingPersonInfo>
<reportingPersonCIK>0001361754</reportingPersonCIK>
<reportingPersonName>DENNER ALEXANDER J</reportingPersonName>
<fundType>AF</fundType>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>2966022</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>2966022</sharedDispositivePower>
<aggregateAmountOwned>2966022</aggregateAmountOwned>
<isAggregateExcludeShares>N</isAggregateExcludeShares>
<percentOfClass>4.7</percentOfClass>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
</reportingPersonInfo>
</reportingPersons>
<items1To7>
<item1>
<securityTitle>Common Stock, par value $0.01 per share</securityTitle>
<issuerName>INNOVIVA, INC.</issuerName>
<issuerPrincipalAddress>
<com:street1>1350 OLD BAYSHORE HIGHWAY</com:street1>
<com:street2>SUITE 400</com:street2>
<com:city>BURLINGAME</com:city>
<com:stateOrCountry>CA</com:stateOrCountry>
<com:zipCode>94010</com:zipCode>
</issuerPrincipalAddress>
<commentText>This statement constitutes Amendment No. 5 to the Schedule 13D of the Reporting Persons ("Amendment No. 5") relating to the Common Stock, par value $0.01 per share (the "Shares"), issued by Innoviva, Inc. (the "Issuer"), and hereby amends the initial statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on February 25, 2019, as amended by Amendment No. 1 thereto filed on December 14, 2020, Amendment No. 2 thereto filed on May 25, 2021, Amendment No. 3 thereto filed on May 15, 2023, and Amendment No. 4 thereto filed on March 7, 2025, and collectively with this Amendment No. 5 (the "Schedule 13D"), to furnish the additional information set forth herein. This Amendment No. 5 amends the Schedule 13D as specifically set forth herein. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.</commentText>
</item1>
<item3>
<fundsSource>Item 3 of the Schedule 13D is hereby amended to add the following: &#13;
The information contained in Item 5 of Amendment No. 5 is incorporated by reference herein, as applicable.</fundsSource>
</item3>
<item5>
<percentageOfClassSecurities>Item 5 (a), (b), (c) and (e) of the Schedule 13D are hereby amended and restated as follows: &#13;
At the close of business on March 14, 2025, the Reporting Persons may be deemed to beneficially own, in the aggregate, 2,966,022 Shares representing approximately 4.73% of the Issuer's outstanding Shares (based upon 62,675,545 Shares stated to be outstanding as of February 14, 2025 by the Issuer in the Issuer's Form 10-K filed with the Securities and Exchange Commission on February 26, 2025).</percentageOfClassSecurities>
<numberOfShares>All of the Shares for which Sarissa Capital and Dr. Denner may be deemed to have beneficial ownership are held directly by the Sarissa Funds for which Sarissa Capital serves as the investment advisor. Sarissa Capital, as the investment advisor to the Sarissa Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the 2,966,022 Shares held by the Sarissa Funds. By virtue of his position as the Chief Investment Officer of Sarissa Capital and as the managing member of Sarissa Capital's general partner, Dr. Denner may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the 2,966,022 Shares held by the Sarissa Funds.</numberOfShares>
<transactionDesc>On March 10, 2025, the Sarissa Funds disposed of 123,476 Shares at a weighted average price of $17.5280 per Share, in open market transactions at prices ranging from $17.48 to $17.63, inclusive, for an aggregate price of $2,164,287. &#13;
On March 11, 2025, the Sarissa Funds disposed of 73,999 Shares at a weighted average price of $17.6692 per Share, in open market transactions at prices ranging from $17.60 to $17.76, inclusive, for an aggregate price of $1,307,503. &#13;
On March 12, 2025, the Sarissa Funds disposed of 226,800 Shares at a weighted average price of $17.5004 per Share, in open market transactions at prices ranging from $17.50 to $17.56, inclusive, for an aggregate price of $3,969,102. &#13;
On March 13, 2025, the Sarissa Funds disposed of 1,846,864 Shares at a weighted average price of $17.0605 per Share, in open market transactions at prices ranging from $17.00 to $17.43, inclusive, for an aggregate price of $31,508,476. &#13;
The Reporting Persons undertake to provide, upon request by the Staff of the SEC, full information regarding the number of Shares sold at each separate price. As of the close of business on March 14, 2025, except as set forth above, the Reporting Persons did not transact in the Shares in the past 60 days.</transactionDesc>
<date5PercentOwnership>As of the close of business on March 13, 2025, the Reporting Persons ceased to be the beneficial owners of more than five percent of the Shares and are no longer subject to the reporting requirements of Rule 13d-1(a) of the Exchange Act.</date5PercentOwnership>
</item5>
</items1To7>
<signatureInfo>
<signaturePerson>
<signatureReportingPerson>Sarissa Capital Management LP</signatureReportingPerson>
<signatureDetails>
<signature>/s/ Mark DiPaolo</signature>
<title>Mark DiPaolo/General Counsel</title>
<date>03/17/2025</date>
</signatureDetails>
</signaturePerson>
<signaturePerson>
<signatureReportingPerson>DENNER ALEXANDER J</signatureReportingPerson>
<signatureDetails>
<signature>/s/ DENNER ALEXANDER J</signature>
<title>DENNER ALEXANDER J</title>
<date>03/17/2025</date>
</signatureDetails>
</signaturePerson>
</signatureInfo>
</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
