Theravance - THRX Message Board

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Biotech / Medical : Theravance - THRX

THRX 9.810

+0.4%

Jan 8 4:00 PM EST

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From: tom pope	4/3/2007 10:20:34 AM
	of 74

Merrill's take: Theravance Inc (THRX, US$29.22, C-1-9) Beyond Advair Moves Forward in development We reiterate our Buy rating on THRX with PO $37. THRX announced positive phase 2b data for its Beyond Advair program in asthma; GSK/THRX expect to move '444 into combo studies with steroids, which is the next stage of development. We expect the stock to be capped in the near term because we no longer believe GSK will exercise its call option to buy 50% of THRX; we expect significant catalysts during ‘07 to drive the stock irrespective of GSK’s decision. We believe GSK will not exercise its option to buy half of THRX’s shares at $54.25; Valuation Depends on Upcoming Catalysts.

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