BioCentury
ARTICLE | Finance

Easy come, easy go

Theravance investors ponder what happens if Elan royalty deal falls through

June 17, 2013 7:00 AM UTC

Theravance Inc. (NASDAQ:THRX) treaded water Friday as investors digested the possibility that the company's proposed sale of royalties to Elan Corp. plc (NYSE:ELN) may get scuttled by an Elan shareholder vote.

Last month, Theravance agreed to accept a one-time payment of $1 billion from Elan for a 21% stake in royalties Theravance is eligible to receive from partner GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) for four late-stage respiratory programs (see BioCentury, May 20)...