Theravance Inc. (THRX) and Elan Corp. (ELN) announced Monday morning that they have entered into a royalty participation agreement. Elan will purchase a participation interest in potential future royalty payments related to four respiratory programs partnered with GlaxoSmithKline (GSK).
Theravance gapped open sharply higher Monday and is now up 4.56 at $39.50. The stock has risen above nearly a 1-month range and has set a new high for the year.
For comments and feedback: editorial@rttnews.com