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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 pope6/26/2007 8:59:12 AM
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Merrill:

Price Objective Changes
Theravance Inc (THRX, US$31.32, C-1-9)
Reiterate Buy; Raise PT to $40 from $37 based on a higher probability of success
for TD-5108. Theravance reported positive phase II data for TD-5108 to treat
chronic constipation. We are expecting several key catalysts by YE07. We expect
phase II data for TD-1792 in serious skin infections during the summer, potential
opt-in for TD-5108 by GSK within 60-90 days, potential opt-in for TD-1792 by
Astellas, potential approval for telavancin to treat serious skin infections in Oct.,
and phase III telavancin data for hospital-acquired pneumonia, which could
double the drug’s market.
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