In the end, it's the royalty

Despite the positive Phase IIb asthma data reported by Theravance Inc. and partner GlaxoSmithKline plc for two of their long-acting adrenergic receptor beta 2 agonists, investors initially pushed THRX's share price down 3% on the news. A close look at the terms of the companies' 2002 deal to pool four LABAs from each company hints at the reason -

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