Theravance (THRX), which recently came public in a successful offering, is very tightly related to pharma giant, GlaxoSmithKline (GSK), both in the lab and financially. Glaxo holds a put/call over Theravance’s stock. For shareholders, it’s an interesting situation because the relationship confers on them a greater than average safety, but they have to give away some of the upside to get it.
