CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Cash flows from operating activities
Net loss	$ (152,538)		$ (120,772)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,720		1,959
Stock-based compensation	26,013		19,704
Amortization of premium on marketable securities	1,539		2,933
Change in fair value of capped-call derivative assets	0		1,422
Amortization of debt issuance costs	1,550		792
Other non-cash items	(2)		17
Changes in operating assets and liabilities:
Account receivables	74		0
Receivables from collaborative arrangements	(833)		(1,425)
Prepaid expenses and other current assets	(52)		(35)
Inventories	(1,908)		(2,912)
Other assets	561		0
Accounts payable	(7,122)		2,040
Payable to Theravance Biopharma, Inc., net	(16,166)		0
Accrued personnel-related expenses, accrued clinical and development expenses, and other accrued liabilities	71		4,472
Accrued interest payable	16,667		(1,099)
Deferred rent	224		(416)
Deferred revenue	(2,911)		3,692
Net cash used in operating activities	(126,113)		(89,628)
Cash flows from investing activities
Purchases of property and equipment	(556)		(1,667)
Purchases of marketable securities	(228,899)		(354,583)
Maturities of marketable securities	292,666		155,396
Sales of marketable securities	5,000		22,600
Payments for intangible assets	(125,000)		(40,000)
Payments received on notes receivable	140		100
Net cash used in investing activities	(56,649)		(218,154)
Cash flows from financing activities
Cash and cash equivalents contributed to Theravance Biopharma, Inc.	(277,541)		0
Payments of cash dividends to stockholders	(28,338)		0
Proceeds from issuances of common stock, net	35,629		140,003
Purchase of capped-call options	0		(36,800)
Change in restricted cash	(5,600)		0
Proceeds from issuances of notes payable, net of debt issuance costs	434,677		281,622
Net cash provided by financing activities	158,827		384,825
Net (decrease) increase in cash and cash equivalents	(23,935)		77,043
Cash and cash equivalents at beginning of period	143,510	[1]	94,849
Cash and cash equivalents at end of period	119,575		171,892
Supplemental disclosures of noncash information
Contribution of net assets, excluding cash and cash equivalents to Theravance Biopharma, Inc.	125,337		0
Conversion of convertible subordinated notes into common stock	$ 32,391		$ 172,499

[1] Condensed consolidated balance sheet at December 31, 2013 has been derived from audited consolidated financial statements.