Theravance announces spin-out date

Theravance (THRX +0.7%) shareholders of record May 15 will receive shares of Theravance Biopharma on June 2. Theravance will initiate a $0.25/share quarterly dividend in Q3 enabled by the $450M private debt placement consummated in April.

Theravance will focus on managing all the development and commercial responsibilities under its respiratory partnership with Glaxo (GSK +0.3%) while Theravance Biopharma will focus on the discovery, development and commercialization of small molecule product candidates in the bacterial infections, CNS/pain, respiratory disease and gastrointestinal motility dysfunction therapeutic areas.

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