CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net loss	$ (18,760)	$ (168,464)	$ (170,701)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	13,933	12,175	3,458
Stock-based compensation	6,873	27,390	25,687
Amortization of premium on investments	583	1,742	3,794
Interest added to the principal balance of the non-recourse term notes due 2029	22,635	20,527	0
Realized gain on sale of marketable securities, net	(1,220)	0	0
Amortization of debt issuance costs	2,943	2,408	951
Other-than-temporary impairment loss on marketable securities	0	3,752	0
Change in fair value of capped-call derivative assets	0	0	1,422
Other non-cash items	(3)	(2)	17
Changes in operating assets and liabilities:
Accounts receivable	0	74	702
Receivables from collaborative arrangements	(15,678)	(7,371)	(2,117)
Prepaid expenses and other current assets	320	(338)	36
Inventories	0	(1,908)	(3,100)
Other assets	0	1,549	(578)
Accounts payable	818	(7,695)	1,613
Payable to Theravance Biopharma, Inc., net	(1,056)	(15,916)	0
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities	(725)	(491)	5,850
Accrued interest payable	360	4,751	428
Other long-term liabilities	(7)	275	(299)
Deferred revenue	(885)	(3,181)	3,235
Net cash provided by (used in) operating activities	10,131	(130,723)	(129,602)
Cash flows from investing activities
Purchases of property and equipment	(7)	(689)	(2,734)
Purchases of marketable securities	(86,523)	(276,914)	(410,407)
Maturities of marketable securities	137,621	339,359	255,861
Sales of marketable securities	108,077	7,211	22,600
Capitalized fees paid to a related party	0	(135,000)	(85,000)
Change in restricted cash	0	833	0
Payments received on notes receivable	0	140	100
Net cash provided by (used in) investing activities	159,168	(65,060)	(219,580)
Cash flows from financing activities
Proceeds from issuances of common stock, net	6,048	48,925	153,021
Payments of cash dividends to stockholders	(87,331)	(56,988)	0
Repurchase of common stock	(25,636)	0	0
Cash and cash equivalents contributed to Theravance Biopharma, Inc.	0	(277,541)	0
Purchase of capped-call options	0	0	(36,800)
Proceeds from issuances of note payable, net of debt issuance costs	0	434,677	281,622
Net cash (used in) provided by financing activities	(106,919)	149,073	397,843
Net increase (decrease) in cash and cash equivalents	62,380	(46,710)	48,661
Cash and cash equivalents at beginning of period	96,800	143,510	94,849
Cash and cash equivalents at end of period	159,180	96,800	143,510
Supplemental disclosure of cash flow information
Cash paid for interest	25,863	9,208	7,970
Supplemental disclosure of noncash information
Contribution of net assets, excluding cash and cash equivalents to Theravance Biopharma, Inc.	0	125,337	0
Conversion of convertible subordinated notes into common stock	$ 0	$ 32,391	$ 172,499