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Theravance,
Inc.
THRX ("Theravance") today announced that shareholders
of Elan Corporation, plc
ELN did not approve the Theravance/Elan
royalty participation transaction proposal at Elan's Extraordinary
General Meeting held in Dublin, Ireland.
"While we are disappointed that Elan's shareholders did not approve
this transaction, we are confident in our overall strategy, our
respiratory programs partnered with GSK and our strategy to deliver
value to shareholders," said Rick E Winningham, Theravance's Chief
Executive Officer. "Looking forward, we remain focused on
Theravance's key priorities in 2013, which are to optimize the US
launch of BREO(TM) ELLIPTA(TM) in the third quarter, focus on seeking
regulatory approvals for ANORO(TM) ELLIPTA(TM) and RELVAR ELLIPTA(TM)
and to work toward separating its businesses into Royalty Management
Co and Theravance Biopharma. We believe this strategy will unlock
value, facilitate return of capital to stockholders and further our
strategy of advancing medicines that address significant unmet
medical needs."
About the Separation
As previously disclosed, Theravance intends to separate its
biopharmaceutical operations and its late stage partnered respiratory
assets into two independent publicly traded companies, referred to as
Theravance Biopharma and Royalty Management Co, respectively.
Theravance Biopharma will be primarily focused on the discovery,
development and commercialization of small-molecule medicines in
areas of significant unmet medical need. Royalty Management Co will
focus on managing the rights to the significant potential royalty
streams from certain products developed under the LABA collaboration
with GSK. Theravance intends for Royalty Management Co to be the
primary vehicle for the return of capital. Theravance is currently
evaluating the optimal strategies to return capital to stockholders
of Royalty Management Co following completion of the separation,
including through dividends or the repurchase of shares and/or
convertible deb
t.
BofA Merrill Lynch and Centerview Partners LLC are acting as
financial advisors and Gunderson Dettmer Stough Villeneuve Franklin &
Hachigian, LLP and Skadden, Arps, Slate, Meagher & Flom LLP are
acting as legal advisers to Theravance in connection with the
separation transaction.
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