Theravance closes financing

In preparation for the spin-off of Theravance Biopharma, Theravance (THRX) wholly-owned subsidiary LABA Royalty Sub LLC secures $450M 9% notes via private placement.

The net proceeds of $434.3M will be used to pay off THRX shareholders, to pay the remaining product approval and launch milestones to GlaxoSmithKline (GSK) and to fund post-split Theravance.

The notes are secured by a 40% royalty rate from global net sales of RELVAR/BREO ELLIPTA, ANORO ELLIPTA and, if developed, VI monotherapy.

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