CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 208,052	$ 143,510
Restricted cash	14,232	0
Short-term investments	126,424	321,615
Accounts receivable, net of allowances of $89 at December 31, 2013	0	199
Receivables from collaborative arrangements (including amounts from a related party of $3,473 and $2,247 at June 30, 2014 and December 31, 2013)	3,473	3,181
Prepaid expenses and other current assets	982	4,287
Inventories	0	10,406
Total current assets	353,163	483,198
Marketable securities	34,349	55,374
Restricted cash	833	833
Property and equipment, net	0	10,238
Intangible assets, net	194,880	124,257
Other assets	22,385	7,355
Total assets	605,610	681,255
Current liabilities:
Accounts payable	1,799	7,583
Payable to a related party	15,000	40,000
Payable to Theravance Biopharma, Inc.	15,243	0
Accrued personnel-related expenses	1,023	10,881
Accrued clinical and development expenses	0	9,714
Accrued interest payable	11,013	2,800
Other accrued liabilities	4,834	4,137
Deferred revenue	1,082	9,289
Total current liabilities	49,994	84,404
Convertible subordinated notes	287,500	287,500
Non-recourse notes payable, due 2029	450,000	0
Deferred rent	13	4,774
Other long-term liabilities	1,300	0
Deferred revenue	4,329	5,455
Commitments and contingencies (Notes 3, 7 and 9)
Stockholders' equity (deficit):
Common stock, $0.01 par value; authorized: 200,000 shares; outstanding: 113,285 and 111,516 at June 30, 2014 and December 31, 2013	1,133	1,115
Additional paid-in capital	1,444,105	1,803,048
Accumulated other comprehensive income	3,706	162
Accumulated deficit	(1,636,470)	(1,505,203)
Total stockholders' equity (deficit)	(187,526)	299,122
Total liabilities and stockholders' equity (deficit)	$ 605,610	$ 681,255