SOURCE: Theravance, Inc.

January 15, 2008 16:16 ET

Theravance Announces Proposed Offering of $150 Million of Convertible Subordinated Notes Due 2015

SOUTH SAN FRANCISCO, CA--(Marketwire - January 15, 2008) - Theravance, Inc. (NASDAQ: THRX), a biopharmaceutical company with a pipeline of internally discovered product candidates, today announced that it intends to offer, subject to market and other conditions, $150 million aggregate principal amount of unsecured convertible subordinated notes due 2015 in an underwritten registered public offering. Theravance intends to grant the underwriters a 30-day option to purchase on the same terms and conditions up to an additional $22.5 million aggregate principal amount of notes to cover over-allotments. The Company intends to use the net proceeds from the offering for general corporate purposes.

Merrill Lynch & Co. and Goldman, Sachs & Co. are acting as joint book-running managers of the public offering.

The interest rate, conversion rate, redemption rights and other terms of the notes will be determined by negotiations between Theravance and the underwriters upon the pricing of the offering.

A shelf registration statement relating to the securities being offered has been filed with the Securities and Exchange Commission and has become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sales of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction. The offering of securities may be made only by means of a prospectus. Copies of the prospectus can be obtained from Merrill Lynch's prospectus department at 4 World Financial Center, New York, NY 10080 or from Goldman Sachs' prospectus department at 85 Broad Street, New York, NY 10004.

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include those described in Theravance's registration statement on Form S-3 filed with the Securities and Exchange Commission on the date hereof, as well as the periodic reports filed with the Commission. Theravance does not assume any obligation to update the forward-looking information contained in this press release.

THERAVANCE®, the Theravance logo, and MEDICINES THAT MAKE A DIFFERENCE® are registered trademarks of Theravance, Inc.

Contact Information

  • Contact Information:
    Theravance, Inc.
    Allison Parker
    Director, Investor Relations
    Email Contact