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South San Francisco's Theravance, Inc. (THRX) Brings In A New CEO



8/6/2014 3:50:47 PM

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Theravance, Inc. Appoints Michael W. Aguiar As President And Chief Executive Officer

SOUTH SAN FRANCISCO, CA--(MARKETWIRED – AUGUST 6, 2014) – Theravance, Inc. (NASDAQ: THRX) (“Theravance” or “Company”) today announced that its Board of Directors has appointed Michael W. Aguiar as President and Chief Executive Officer of the Company effective August 15, 2014 and as a member of the Board of Directors effective immediately. Mr. Aguiar plans to continue to serve as Theravance’s Senior Vice President and Chief Financial Officer until his replacement is identified and appointed. Mr. Aguiar will replace Rick E Winningham who has resigned as Chief Executive Officer of Theravance effective August 15, 2014. Mr. Winningham will remain Chairman of the Board of Directors of Theravance, Inc. and will transition to full time Chief Executive Officer of Theravance Biopharma, Inc. (“Theravance Biopharma”) as of August 15, 2014.

“I would like to congratulate Mike on his well-deserved appointment to President and Chief Executive Officer and member of the Board of Directors of Theravance, Inc., which is a tribute to his ability to successfully lead and execute. I look forward to working with him in my role as Chairman with the goal of building a company focused on generating returns for our stockholders,” said Rick E Winningham, Chief Executive Officer of Theravance. “Over the last twelve years, the Theravance and GSK partnership has worked together to bring two important medicines, RELVAR®/BREO® and ANORO® ELLIPTA®, to the global respiratory market and are working on a pipeline of other important potential respiratory medicines still in development. I would like to extend my gratitude to the Theravance and GSK teams for their support, dedication and commitment to bringing important medicines to patients in need.”

Since joining the company in 2005, Mr. Aguiar has led a number of strategic projects including the recent spin-off of Theravance Biopharma from Theravance, and has successfully driven the finance, IT, and investor relations operations of Theravance. From 2002 to 2005, Mr. Aguiar served as Vice President of Finance at Gilead Sciences, Inc. Prior to Gilead Sciences, Inc., Mr. Aguiar served as Vice President of Finance at Immunex Corporation and at Honeywell International in a variety of positions, including, most recently Chief Financial Officer and Vice President, Finance for Honeywell Electronic Materials SBU. Mr. Aguiar earned a B.S. in biology from the University of California, Irvine and an M.B.A. in finance from the University of Michigan.

“I am proud to have worked at Theravance with Rick over the past nine years with the goals of bringing important new medicines to patients, implementing unique strategies to create stockholder value, and developing an exceptionally talented finance organization,” said Michael W. Aguiar, Senior Vice President and Chief Financial Officer of Theravance. “Looking forward, we will work closely with GSK with the goal of maximizing the value of the respiratory programs partnered with GSK, focus on reducing Theravance’s overall cost of capital, and build a royalty management business with the goal of providing returns to our stockholders.”

About Theravance

Theravance, Inc. is focused on maximizing the potential value of the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR®/BREO® ELLIPTA® and ANORO® ELLIPTA®, with the intention of providing capital returns to stockholders. Under the Long-Acting Beta2 Agonist (LABA) Collaboration Agreement with GSK, Theravance is eligible to receive the associated royalty revenues from RELVAR®/BREO® ELLIPTA® (fluticasone furoate/vilanterol, “FF/VI”), ANORO® ELLIPTA® (umeclidinium bromide/vilanterol, “UMEC/VI”) and if approved and commercialized, VI monotherapy. Theravance is also entitled to a 15% economic interest in any future payments made by GSK under agreements entered into prior to the spin-off of Theravance Biopharma, and since assigned to Theravance Respiratory Company, LLC, relating to the combination of UMEC/VI/FF and the Bifunctional Muscarinic Antagonist-Beta2 Agonist (MABA) program, as monotherapy and in combination with other therapeutically active components, such as an inhaled corticosteroid, and any other product or combination of products that may be discovered and developed in the future under these agreements with GSK (other than RELVAR®/BREO® ELLIPTA®, ANORO® ELLIPTA® and VI monotherapy). For more information, please visit Theravance's web site at www.thrxinc.com.

RELVAR®, BREO®, ANORO® and ELLIPTA® are trademarks of the GlaxoSmithKline group of companies.

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