Theravance Announces Proposed Offering of $150 Million of Convertible Subordinated Notes Due 2015

SOUTH SAN FRANCISCO, CA, Jan 15 (MARKET WIRE) --
Theravance, Inc. (NASDAQ: THRX), a biopharmaceutical company with a
pipeline of internally discovered product candidates, today announced that it
intends to offer, subject to market and other conditions, $150 million
aggregate principal amount of unsecured convertible subordinated notes due 2015
in
an underwritten registered public offering. Theravance intends to grant the
underwriters a 30-day option to purchase on the same terms and conditions up to
an additional $22.5 million aggregate principal amount of notes to cover
over-allotments.The Company intends to use the net proceeds from the offering
for general
corporate purposes.

Merrill Lynch & Co. and Goldman, Sachs & Co. are acting as joint
book-running
managers of the public offering.

The interest rate, conversion rate, redemption rights and other terms of the
notes will be determined by negotiations between Theravance and the
underwriters upon the pricing of the offering.

A shelf registration statement relating to the securities being offered
hasbeen filed with the Securities and Exchange Commission and has become
effective.
This press release shall not constitute an offer to sell or a solicitation
of an offer to buy, nor shall there be any sales of these securities in any
state or jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities law of
any such state or jurisdiction. The offering of securities may be made only by
means of
a prospectus. Copies of the prospectus can be obtained from Merrill Lynch's
prospectus
department at 4 World Financial Center, New York, NY 10080 or from Goldman
Sachs'
prospectus department at 85 Broad Street, New York, NY 10004.

This press release contains forward-looking statements that involve risks
and
uncertainties. Actual results may differ materially from expectations discussed
in
such forward-looking statements. Factors that might cause such differences
include those described in Theravance's registration statement on Form S-3 filed
with the Securities and Exchange Commission on the date hereof, as well as the
periodic reports filed with the Commission. Theravance does not assume any
obligation
to update the forward-looking information contained in this press release.

THERAVANCE(R), the Theravance logo, and MEDICINES THAT MAKE A
DIFFERENCE(R)are registered trademarks of Theravance, Inc.

Contact Information:
Theravance, Inc.
Allison Parker
Director, Investor Relations
650-808-4100
Email Contact

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