Biopharmaceutical company Theravance Inc said it plans to split its business into two publicly traded companies.

One of the companies, Royalty Management Co, will focus on developing drugs under Theravance's collaboration with British drug giant GlaxoSmithKline Plc, Theravance said on Thursday.

The other, Theravance Biopharma, will focus on development of small-molecule compounds in rare disease areas.

Theravance reported a first-quarter net loss of $37.4 million, or 39 cents per share, compared with a profit of $84.6 million, or $1.01 per share, a year earlier. Read the full story.