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Theravance Splits Assets

April 26, 2013

Separates late-stage partnered assets from biopharma operations

Theravance, Inc. plans to separate its business into two independent publicly traded companies. The goal is to continue its businesses in a new structure designed to unlock potential value, facilitate return of capital and further its strategy to advancing medicines that address unmet medical needs.
 
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."

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