Susquehanna Initiates Coverage on Theravance (THRX) with a Positive

September 5, 2008 9:05 AM EDT

Susquehanna initiates coverage on Theravance, Inc. (Nasdaq: THRX) with a Positive rating. Price target $18.00.

Susquehanna analyst says, "Theravance has two programs that receive the majority of investor focus: the Horizon program, partnered with GlaxoSmithKline (NYSE: GSK), and telavancin, partnered with Astellas. The goal of the Horizon program is to develop a next generation Advair, GSK's $7-bln-a-year combination inhaled corticosteroid and long-acting β2-agonist (ICS/LABA) used to treat chronic obstructive pulmonary disease (COPD) and asthma....Telavancin is a novel antibiotic for the treatment of methicillin-resistant Staphyloccus aureus (MRSA) infections that is currently under review with the FDA and EMEA, with the expectation of approval sometime within the next year...A number of other mid-stage programs round out Theravance's pipeline, providing the company with a broad set of potential therapeutics. The realization of the full potential of these programs represents significant upside, and we believe the stock has been punished during the past year after a string of bad news. While a number of question marks remain, we believe the risk/reward profile at current levels justifies investment."

Theravance, Inc. (Theravance) is a biopharmaceutical company with a pipeline of internally discovered product candidates.

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