After Approval, I'd Like To See Titan Do the Following:
"Theravance ($THRX) plans to break apart into two publicly traded companies.
The South San Francisco-based biotech announced Thursday afternoon that the separation would result in one company dubbed Royalty Management. That company will take over Theravance's late-stage respiratory drugs partnered with GlaxoSmithKline ($GSK) and potential royalty revenues from the breathing-disorder meds Breo/Relvar, which FDA advisers endorsed for approval in COPD this month, as well as Anoro and vilanterol (VI) monotherapy.
Royalty Management, which is expected to change its name at a later time, will take on Theravance's convertible notes and milestone payments owed to GSK based on approvals of Breo/Relvar and Anoro, for which GSK has filed for approvals in the U.S., European Union and Japan. The Royalty group would also keep Theravance's operating loss "carryforwards," which can be used to reduce tax burdens on future profits."