Theravance to split into two companies
Theravance is to split in two and form a new company called Theravance Biopharma, leaving the original company to stand alone and focus on its partnerships with GlaxoSmithKline to develop respiratory drugs.
The new company will focus on earlier-stage developments while the respiratory specialist focuses on these later clinical developments.
“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.”
“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.”
Rick Winningham, chief executive, Theravance.
Theravance has also announced its first-quarter financial performance. Income for the first three months of 2013 was $1.3 million, generating a net loss of $37.4 million or $0.39 per share.
Don't miss your daily pharmaphorum news.
SUBSCRIBE free here.