Theravance to Split After Ending Review of Alternatives
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Theravance Inc., a biotechnology company seeking approval with GlaxoSmithKline Plc of the lung drug Breo, said it will split into two independent publicly traded companies. The shares rose as much as 13 percent.
Royalty Management Co. will manage the joint venture with London-based Glaxo that has several lung disease drugs under review for regulatory approval, South San Francisco, California-based Theravance said in a statement. The other company, Theravance Biopharma, will seek to discover medicines in a variety of disease areas, Theravance said.