Theravance (THRX -1.6%) slips despite the announcement that it's entered into an exclusive...

|By:, SA News Editor

Theravance (THRX -1.6%) slips despite the announcement that it's entered into an exclusive commercialization agreement with Clinigen Group in the European Union, as well as certain other countries located in Europe, for Vibativ, a treatment for hospital-acquired pneumonia. THRX will receive a $5M upfront payment from Clinigen and is entitled to receive tiered royalties on net sales ranging from 20% to 30%.