Royalty Management Co. will manage all development and commercial responsibilities under its collaboration with GlaxoSmithKline and associated respiratory royalty revenues from Relvar or Breo Ellipta(fluticasone furoate/vilanterol: FF/VI), Anoro Ellipta (umeclidinium bromide/vilanterol: UMEC/VI) and VI monotherapy. The other company, Theravance Biopharma, will focus on discovery, development and commercialization of small-molecule medicines in areas of significant unmet medical need.
Theravance's strategy has been to build value in the early-stage discovery and development of small-molecule product candidates and partner with pharmaceutical companies to support late-stage development and commercialization. This has resulted in the discovery, development and regulatory approval of Vibativ (telavancin) and a pipeline of small-molecule product candidates across several therapeutic areas, as well as major late-stage respiratory programs in partnership with GSK.
"Following a review of alternatives to maximize the value of our portfolio, we have decided to separate our biopharmaceutical discovery, development and commercialization operations from our late-stage partnered respiratory assets," said Rick E Winningham, chief executive officer. "We believe this separation will provide investors with the opportunity to unlock potential value from two disparate sets of assets, better align employee incentives and provide a consistent return of capital to stockholders of Royalty Management Company."