CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ 59,536	$ (18,760)	$ (168,464)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	13,954	13,933	12,175
Stock-based compensation	8,297	6,873	27,390
Amortization of premium (discount) on short term investment	(9)	583	1,742
Interest added to the principal balance of the non-recourse term notes due 2029	855	22,635	20,527
Gain on repurchase of convertible subordinated notes due 2023	(2,342)	0	0
Amortization of debt issuance costs	2,847	2,943	2,408
Other-than-temporary impairment loss on marketable securities	0	0	3,752
Realized gain on sale of marketable securities, net	0	(1,220)	0
Amortization of lease guarantee	(190)	0	0
Other non-cash items	0	(3)	(2)
Changes in operating assets and liabilities:
Accounts receivable	0	0	74
Receivables from collaborative arrangements	(20,619)	(15,678)	(7,371)
Prepaid expenses and other current assets	48	320	(338)
Inventories	0	0	(1,908)
Other assets	(19)	0	1,549
Accounts payable	(690)	818	(7,695)
Payable to Theravance Biopharma, Inc., net	0	(1,056)	(15,916)
Accrued personnel-related expenses and other accrued liabilities	276	(725)	(491)
Accrued interest payable	(83)	360	4,751
Other long-term liabilities	8	(7)	275
Deferred revenue	(885)	(885)	(3,181)
Net cash provided by (used in) operating activities	60,984	10,131	(130,723)
Cash flows from investing activities
Maturities of marketable securities	88,422	137,621	339,359
Purchases of marketable securities	(95,719)	(86,523)	(276,914)
Sales of marketable securities	2,995	108,077	7,211
Purchases of property and equipment	(278)	(7)	(689)
Capitalized fees paid to a related party	0	0	(135,000)
Change in restricted cash	0	0	833
Payments received on notes receivable	0	0	140
Net cash (used in) provided by investing activities	(4,580)	159,168	(65,060)
Cash flows from financing activities
Repurchase of common stock	(78,094)	(25,636)	0
Repurchase of convertible subordinated notes due 2023	(11,570)	0	0
Payment of principal on non-recourse notes due 2029	(6,828)	0	0
Payments of cash dividends to stockholders	(960)	(87,331)	(56,988)
Repurchase of shares to satisfy tax withholding	(1,079)	(2,192)	(5,664)
Proceeds from capped-call options	578	0	0
Cash and cash equivalents contributed to Theravance Biopharma, Inc.	0	0	(277,541)
Proceeds from issuance of notes payable, net of debt issuance costs	0	0	434,677
Proceeds from issuances of common stock, net	385	8,240	54,589
Net cash (used in) provided by financing activities	(97,568)	(106,919)	149,073
Net (decrease) increase in cash and cash equivalents	(41,164)	62,380	(46,710)
Cash and cash equivalents at beginning of period	159,180	96,800	143,510
Cash and cash equivalents at end of period	118,016	159,180	96,800
Supplemental disclosure of cash flow information
Cash paid for interest	48,797	25,863	9,208
Supplemental disclosure of noncash information
Contribution of net assets, excluding cash and cash equivalents to Theravance Biopharma, Inc.	0	0	125,337
Conversion of convertible subordinated notes to common stock	$ 0	$ 0	$ 32,391