Theravance plans to split its operations into two publicly traded, independent entities. Royalty Management will continue a partnership for the development of lung disease drugs with GlaxoSmithKline. Theravance Biopharma will work on drugs for rare diseases. "This separation will provide investors with the opportunity to unlock potential value from two disparate sets of assets, better align employee incentives and provide a consistent return of capital," Theravance CEO Rick Winningham said. The split is expected to finalized in late 2013 or early 2014.