CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
Net income (loss)	$ 134,272	$ 59,536	$ (18,760)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	13,982	13,954	13,933
Stock-based compensation	9,833	8,297	6,873
Amortization of debt discount and issuance costs	5,116	2,847	2,943
Loss (gain) on extinguishment of debt	7,256	(2,342)	0
Amortization of discount on short term investment	(105)	(9)	583
Amortization of lease guarantee	(325)	(190)	0
Interest added to the principal balance of the non-recourse term notes due 2029	0	855	22,635
Realized gain on sale of marketable securities, net	0	0	(1,220)
Other non-cash items	0	0	(3)
Changes in operating assets and liabilities:
Receivables from collaborative arrangements	(23,693)	(20,619)	(15,678)
Prepaid expenses and other current assets	12	48	320
Other assets	0	(19)	0
Accounts payable	473	(690)	818
Payable to Theravance Biopharma, Inc., net	0	0	(1,056)
Accrued personnel-related expenses and other accrued liabilities	(81)	276	(725)
Accrued interest payable	(1,908)	(83)	360
Other long-term liabilities	16	8	(7)
Deferred revenue	(3,099)	(885)	(885)
Net cash provided by operating activities	141,749	60,984	10,131
Cash flows from investing activities
Maturities of marketable securities	44,387	88,422	137,621
Purchases of marketable securities	(67,623)	(95,719)	(86,523)
Sales of marketable securities	0	2,995	108,077
Purchases of property and equipment	0	(278)	(7)
Net cash (used in) provided by investing activities	(23,236)	(4,580)	159,168
Cash flows from financing activities
Proceeds from senior secured term loans	250,000	0	0
Proceeds from issuance of convertible senior notes due 2025	192,500	0	0
Payments of debt issuance costs and debt discount	(12,803)	0	0
Payment of principal on non-recourse notes due 2029	(487,189)	(6,828)	0
Repurchase of shares to satisfy tax withholding	(2,128)	(1,079)	(2,192)
Payments of principal on senior secured term loans	6,250	0	0
Payments of cash dividends to stockholders	(281)	(960)	(87,331)
Proceeds from issuances of common stock, net	435	385	8,240
Repurchase of common stock	(97,500)	(78,094)	(25,636)
Repurchase of convertible subordinated notes due 2023	0	(11,570)	0
Proceeds from capped-call options	0	578	0
Contributions from noncontrolling interest	23	0	0
Net cash used in financing activities	(163,193)	(97,568)	(106,919)
Net (decrease) increase in cash and cash equivalents	(44,680)	(41,164)	62,380
Cash and cash equivalents at beginning of period	118,016	159,180	96,800
Cash and cash equivalents at end of period	73,336	118,016	159,180
Supplemental disclosure of cash flow information
Cash paid for interest	$ 40,353	$ 48,797	$ 25,863