Convincing converts

At least one bondholder is unhappy with last week's plan to split Theravance Inc. (NASDAQ:THRX) into two publicly traded companies.

One company - Theravance Biopharma - will be capitalized with about $300 million to focus on discovery and R&D of small molecules. It also will house Theravance's only marketed drug, the antibiotic Vibativ telavancin...