Royalty Pharma, a firm specializing in acquiring pharmaceutical royalties, completed the acquisition of Theravance Respiratory Company, a biopharmaceutical company, from Innoviva, a company with a portfolio of royalties, for $1.61bn. “We are very pleased to have entered into this agreement with Royalty Pharma, a market leader in healthcare royalty acquisitions. This transaction allows us to capture an attractive valuation for our share of TRELEGY ELLIPTA economics, enhances our cash position at a time of meaningful market dislocations, and demonstrates our continued commitment to leaving no stone unturned in our efforts to maximize shareholder value. We look forward to continuing our long-standing collaboration with GSK for RELVAR/BREO ELLIPTA and ANORO ELLIPTA," Pavel Raifeld, Innoviva CEO.