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
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
Theravance's shares were down marginally at $31.90 in