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Innoviva
Innoviva was incorporated in 1996 as Advanced Medicine, Inc., later renamed Theravance before rebranding to Innoviva in 2016.
Innoviva
Innoviva was incorporated in 1996 as Advanced Medicine, Inc., later renamed Theravance before rebranding to Innoviva in 2016. It was originally formed to manage royalties from respiratory products co-developed with GSK. The firm now operates as a diversified biopharmaceutical company with a core royalties portfolio, a critical care and infectious disease platform, and a portfolio of strategic healthcare investments. The firm's strategy targets three asset classes: royalty streams from partnered respiratory drugs, commercial-stage critical care and infectious disease products via its Innoviva Specialty Therapeutics (IST) subsidiary, and high-potential healthcare assets. Known investments include the acquisitions of Entasis Therapeutics (2022) and La Jolla Pharmaceutical Company (2022), and the U.S. commercial rights for ZEVTERA (2024). Geographically, Innoviva operates primarily in the United States, with products also marketed internationally through partners. Innoviva is led by CEO Pavel Raifeld, who joined in May 2020 from Sarissa Capital. The management team includes CFO Steve Basso, Chief Accounting Officer Marianne Zhen, and Chief Medical Officer David Altarac. Board members include Chairman Jules Haimovitz and Josephine Linden, a former Goldman Sachs partner. As of December 2025, the FDA approved NUZOLVENCE, adding to its late-stage pipeline. Innoviva's structural differentiator is its hybrid model: it is a publicly traded company (NASDAQ: INVA) that operates like a focused healthcare asset manager, using royalty cash flows to fund acquisitions and build a therapeutics platform. This gives it permanent capital and a long-term horizon uncommon among traditional buyout firms.
General information
Firm type
Asset Manager
Year founded
1996
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Burlingame
Corporate office
Burlingame, CA, United States
Principals
Pavel Raifeld
Chief Executive Officer
Steve Basso
Chief Financial Officer
David Altarac
Chief Medical Officer, IST
Sector focus
Frequently asked questions
Who runs investment decisions at Innoviva?
CEO Pavel Raifeld leads strategy and capital allocation decisions. He joined in May 2020 from Sarissa Capital, where he served on the investment team. The management team includes CFO Steve Basso and Chief Medical Officer David Altarac (per firm website, 2026).
How does Innoviva source proprietary deal flow?
Innoviva targets acquisitions in areas of high unmet medical need, often in undervalued therapeutic segments. Deals have included the acquisition of Entasis Therapeutics (2022) and the U.S. rights to ZEVTERA (2024), sourced through its management's industry networks and direct engagement with biotech companies (per firm website, 2026).
Is Innoviva structured as a family office or a public company?
Innoviva is a publicly traded company (NASDAQ: INVA). It operates as a diversified biopharmaceutical firm with a royalty portfolio, a therapeutics platform, and strategic investments. It is not a family office (per firm filings).
Does Innoviva participate in fund commitments or only direct deals?
Innoviva primarily makes direct acquisitions of companies, products, and royalty streams. It has not been disclosed as a limited partner in external funds. Its capital deployment focuses on direct control or significant stakes in healthcare assets.
What investment stages does Innoviva typically target?
Innoviva targets commercial-stage and late-stage clinical assets. It has acquired companies with approved products (La Jolla Pharmaceutical) and pre-commercial assets (Entasis Therapeutics' XACDURO). It also invests in strategic royalty streams from marketed drugs (per firm website, 2026).
Which sectors does Innoviva explicitly focus on?
Innoviva focuses on healthcare, particularly respiratory, critical care, and infectious disease. Its portfolio includes royalties from respiratory products partnered with GSK (BREO, ANORO, TRELEGY), and IST's products for hospital-acquired infections and gonorrhea (per firm website, 2026).
How is Innoviva related to its former parent Theravance?
Innoviva was spun off from Theravance in 2014. It retains royalty rights from respiratory products originally developed by Theravance and partnered with GSK. In 2022, Innoviva sold its 15% stake in Theravance Respiratory Company (per firm website, 2026).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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