SOURCE: Theravance, Inc.

January 30, 2006 07:30 ET

Theravance Announces Proposed Public Offering of Common Stock

SOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- January 30, 2006 -- Theravance, Inc. (NASDAQ: THRX) today announced that it intends to offer 4,600,000 shares of its common stock in a public offering. A shelf registration statement relating to the shares of common stock being offered became effective upon filing today with the Securities and Exchange Commission.

Theravance expects to grant the underwriters in the offering an over-allotment option to purchase 600,000 additional shares of common stock. Merrill Lynch & Co. will act as the lead manager for the offering. HSBC and Thomas Weisel Partners LLC will act as co-managers.

The public offering of Theravance's common stock will be made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, by contacting Merrill Lynch & Co. at 4 World Trade Financial Center, New York, New York 10080, telephone (212) 449-1000. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Theravance is a biopharmaceutical company with a pipeline of internally discovered product candidates. Of the five programs in development, two are in late stage -- its telavancin program focusing on treating serious Gram-positive infections with Astellas and its Beyond Advair collaboration with GlaxoSmithKline. Theravance is focused on the discovery, development and commercialization of small molecule medicines across a number of therapeutic areas including respiratory disease, bacterial infections and gastrointestinal disorders. By leveraging its proprietary insight of multivalency to drug discovery focused on validated targets, Theravance is pursuing a next generation drug discovery strategy designed to discover superior medicines in large markets. For more information, please visit the company's web site at www.theravance.com.

THERAVANCE®, the Theravance logo, and MEDICINES THAT MAKE A DIFFERENCE® are registered trademarks of Theravance, Inc. This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives and future events. Theravance intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Such statements include statements relating to the public offering of Theravance's common stock and the expected enabling capabilities of Theravance's approach to drug discovery and its proprietary insights. These statements are based on the current expectations of the management of Theravance as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Theravance to be materially different from those reflected in its forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, market risks. These and other risks are described in greater detail in Theravance's filings with the Securities and Exchange Commission (SEC), including its Registration Statement on Form S-3 filed with the SEC on January 30, 2006. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Theravance assumes no obligation to update its forward-looking statements.

Contact Information

  • Contact Information:

    Investors
    Theravance, Inc.
    Michael Aguiar
    SVP and CFO
    650-808-4100
    Email Contact

    Media
    Theravance, Inc.
    David Brinkley
    SVP, Commercial Development
    650-808-3784
    Email Contact