Stinging from a proxy loss and hungry for cash, GlaxoSmithKline bails on equity stake in Innoviva for a tidy $392M

Following a failed attempt to challenge a slate of new board candidates at a company in which it’s a significant minority shareholder, GlaxoSmithKline has sold off its entire equity stake.

GSK last week attempted to thwart the election of five proposed board members at the annual meeting of Burlingame, CA-based...

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