ARTICLE | Company News

Theravance Biopharma, Mylan deal

February 9, 2015 8:00 AM UTC

The companies partnered to co-develop and commercialize Theravance’s nebulized TD-4208 to treat chronic obstructive pulmonary disease (COPD) and other respiratory diseases. Mylan will pay Theravance $15 million in cash up front and make a $30 million equity investment in the company at $18.92 per share, a 17% premium to the close of $16.24 on Jan. 30, the last trading day before the deal was announced. Theravance is also eligible for up to $220 million in milestones, including $175 million associated with TD-4208 monotherapy and $45 million associated with potential combination treatments. Theravance expects to begin a Phase III study this year of the inhaled long-acting muscarinic antagonist (LAMA) to treat COPD. Mylan will reimburse Theravance for development costs prior to FDA approval, after which the companies will share costs. ...