There have been several healthcare spinoffs recently that have enjoyed much fanfare and success. These are the Abbott Labs (NYSE:ABT) and Abbvie (NYSE:ABBV), Elan (NYSE:ELN) and Prothena (NASDAQ:PRTA) and the Covidien (COV) and Mallinkrodt (NYSE:MNK), to be specific. But the latest spinoff announced, Theravance Biopharma, is smaller than the other healthcare spins and has remained largely unnoticed by the investment community. Historically, after a spin, the parent and spun company have higher probabilities of being bought out relative to the rest of the market. This happened with ELN, whereas the ABBV/ABT and PFE/ZTS spins were of such a size that no other company would bother a takeover of them. Because...
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