Merrill Lynch reiterates Theravance at buy

Theravance Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy rating with a raised target of $31 from $29 after the company announced a partnership for telavancin, its antibiotic in phase III trials for staph infections, with Astellas, a large Japanese pharmaceutical company. The partnership provides global leverage, improves Theravance's financial strength through $200 million of high probability milestone payments, reduces development risk of the telavancin program and maintains strong back-end economics, Merrill Lynch said. Shares of the South San Franciso, Calif.-based small molecule drug discovery company were up $0.55, or 2.48%, at $22.70 on volume of 724,968 shares versus the three-month running average of 192,778 shares.

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