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Theravance/Glaxo spin-off happens next quarter

  • Part of Theravance (THRX) will separate from partner GlaxoSmithKline (GSK) next quarter.
  • Theravance Biopharma, the new firm, will retain the rights to Relvar, Breo and Anoro Ellipta drugs, with combined peak sales estimates of $3.5B.
  • The company will launch with $300M in capital, one FDA-approved product Vibativ, an injectable antibiotic and three Phase 2 product candidates.
  • Glaxo retains 85% rights to the three Theravance pipeline prospects.
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