April 25 Biopharmaceutical company Theravance Inc said it plans to split its business into two publicly traded companies.
One of the companies, Royalty Management Co, will focus on developing drugs under Theravance's collaboration with British drug giant GlaxoSmithKline Plc, Theravance said on Thursday.
The other, Theravance Biopharma, will focus on development of small-molecule compounds in rare disease areas.
Theravance reported a first-quarter net loss of $37.4 million, or 39 cents per share, compared with a profit of $84.6 million, or $1.01 per share, a year earlier.
Revenue fell by $125.8 million to $1.3 million.
The steep fall in revenue reflected the end in January of Theravance's global deal with Japan's Astellas Pharma Inc to develop and market its antibiotic Vibativ.
Analysts on average had expected a loss of 38 cents per share on revenue of $2.3 million, according to Thomson Reuters I/B/E/S.
Theravance's shares were down marginally at $31.90 in after-hours trading.