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Apr 29, 2013
 |  BioCentury  |  Finance

Convincing converts

Theravance break-up ruffles convert holder feathers
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.

Theravance stockholders will receive Theravance Biopharma shares via a dividend in proportion to their holdings in Theravance Inc.

The existing company - now dubbed Royalty...

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