Theravance at buy by Merrill

Merrill Lynch analyst Eric Ende rated Theravance Inc. at buy as the company expanded its agreement with Astellas for telavancin to include Japan as well. This gives Astellas worldwide rights to commercialize the drug. Theravance will receive a $10 milestone payment upfront in exchange for the Japanese rights, as well as an additional $5 million for regulatory approval in Japan. Shares of the South San Francisco, Calif.-based pharmaceutical company were up 2 cents, or 0.09%, at $22.42 on volume of 388,220 shares versus the three-month running average of 214,784 shares. (Nasdaq: THRX)

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