SOURCE: Theravance, Inc.

Theravance, Inc.

August 03, 2009 19:15 ET

Theravance Announces New Employment Inducement Awards

SOUTH SAN FRANCISCO, CA--(Marketwire - August 3, 2009) - Theravance, Inc. (NASDAQ: THRX) today reported that equity awards were made to one new employee. Pursuant to Nasdaq Marketplace Rule 5635(c)(4), the equity awards were granted under the Theravance, Inc. 2008 New Employee Equity Incentive Plan, which the Board of Directors of Theravance adopted to facilitate the granting of equity awards to new employees. In accordance with Nasdaq rules, these grants were made under an equity incentive plan without stockholder approval. Nasdaq rules require a public announcement of equity awards to be made under this type of plan. One employee was granted an option to purchase 75,000 shares of the Company's common stock and 8,000 restricted stock units. These equity awards vest over approximately four years, and the option expires in 10 years, in each case assuming continued employment. No executive officers received any award under this plan. The exercise price for the option shares granted is $14.73, which was the closing price of Theravance common stock on the Nasdaq Global Market as such price was reported by NASDAQ on the date of grant.

About Theravance

Theravance is a biopharmaceutical company with a pipeline of internally discovered product candidates. 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 motility dysfunction. The company's key programs include: telavancin for the treatment of serious Gram-positive bacterial infections with Astellas Pharma Inc. and the Horizon program and Bifunctional Muscarinic Antagonist-Beta2 Agonist (MABA) program with GlaxoSmithKline plc. By leveraging its proprietary insight of multivalency toward drug discovery focused primarily on validated targets, Theravance is pursuing a next generation strategy designed to discover superior medicines in areas of significant unmet medical need. For more information, please visit the company's web site at

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

Contact Information

  • Contact Information:
    Michael W. Aguiar
    Senior Vice President and Chief Financial Officer
    Email Contact