Theravance to split into two listed companies

(Reuters) – Biopharmaceutical company Theravance Inc said it plans to split into two publicly traded companies, one of which would independently manage the development of the respiratory drugs it is working on with GlaxoSmithKline Plc. The split plan comes after weeks of speculation that the company could be bought by Glaxo, Theravance’s largest shareholder with a stake of about 27 percent. Theravance shares were up about 10 percent at $33.50 in after-hours trading on Thursday. …