This Amendment No. 2 (this Amendment) amends and supplements Item 8 in the
Solicitation/Recommendation Statement on Schedule 14D-9 filed by La Jolla Pharmaceutical Company, a Delaware corporation (La Jolla) with the U.S. Securities and Exchange Commission on July 25,
2022 (as amended and supplemented from time to time, the Schedule 14D-9). The Schedule 14D-9 relates to the tender offer by Innoviva Acquisition Sub, Inc., a
Delaware corporation (Purchaser), a wholly owned subsidiary of Innoviva, Inc., a Delaware corporation (Parent or Innoviva), to purchase all of the issued and outstanding shares of La Jollas common stock (the
Shares or La Jolla Common Stock) for $6.23 per Share, net to the seller in cash, without interest (the Offer Price), upon the terms and subject to the conditions as set forth in the Offer to Purchase, dated
July 25, 2022 (as amended or supplemented from time to time, the Offer to Purchase), and in the related Letter of Transmittal (as amended or supplemental from time to time, the Letter of Transmittal, which, together with
the Offer to Purchase, as each may be amended or supplemented from time to time, constitute the Offer).
Except as otherwise
set forth below, the information set forth in the Schedule 14D-9 remains unchanged and is incorporated herein by reference as relevant to items in this Amendment No. 2. Capitalized terms used but not
otherwise defined herein have the meanings ascribed to such terms in the Schedule 14D-9.
Item 8.
Additional Information.
Item 8 of the Schedule 14D-9 is hereby amended and supplemented by
adding the following as a new section at the end of such Item 8, immediately prior to the section entitled, Forward-Looking Statements:
Expiration of the Offer; Completion of the Merger.
The Offer and all withdrawal rights thereunder expired one minute after 11:59 p.m. New York City Time, on August 19, 2022. The Offer was
not extended. D.F. King & Co., Inc., the information agent for the Offer (the Information Agent), has advised Parent and Purchaser that, as of the expiration of the Offer, an aggregate of 21,703,224 Shares were validly tendered
and not validly withdrawn pursuant to the Offer, representing approximately 87% of Shares issued and outstanding as of the expiration of the Offer. The number of Shares validly tendered and not validly withdrawn pursuant to the Offer satisfies the
Minimum Condition (as defined in the Merger Agreement). As the Minimum Condition and each of the other Offer Conditions have been satisfied, Purchaser has accepted for payment all Shares that were validly tendered and not validly withdrawn pursuant
to the Offer.
In accordance with the Merger Agreement, Purchaser consummated the Merger on August 22, 2022 without a vote of La
Jolla stockholders and in accordance with Section 251(h) of the DGCL, upon completion of which La Jolla became a wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, at the Effective Time: (i) each outstanding share of La
Jolla Common Stock and each outstanding share of La Jollas Series C Preferred Stock owned by La Jolla or any direct or indirect wholly owned subsidiary of La Jolla as of immediately prior to the Effective Time (or held in the treasury of La
Jolla) was canceled and retired and ceased to exist, and no consideration was delivered in exchange therefor; (ii) each share of La Jolla Common Stock or Series C Preferred Stock held by Parent, Purchaser or any other direct or indirect wholly
owned subsidiary of Parent as of immediately prior to the Effective Time was canceled and retired and ceased to exist, and no consideration was delivered in exchange therefor; (iii) except as provided in clauses (i) and
(ii) above: (A) each Share outstanding immediately prior to the Effective Time (other than any holders of La Jolla Common Stock who validly exercised appraisal rights under Delaware law with respect to such Shares) was converted
into the right to receive the Offer Price; and (B) each share of Series C Preferred Stock outstanding immediately prior to the Effective Time (other than any holders of Series C Preferred Stock who validly exercised appraisal rights under
Delaware law with respect to such shares of Series C Preferred Stock) was converted into the right to receive a cash sum equal to 1,724.04 times the Offer Price; and (iv) each share of common stock, $0.01 par value per share, of Purchaser
outstanding immediately prior to the Effective Time was converted into one share of Common Stock of La Jolla. Following the Merger, all Shares will be delisted from the Nasdaq Capital Market.
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