-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AATiOMJWIiVjTToAcp4ofW3KnSwFdZqwzVC0jys29Wb8Ly1XBDu4aezpgWngM8jg
 6HVChdP5LvskUwkOS4X70Q==

<SEC-DOCUMENT>0001179110-07-014449.txt : 20070703
<SEC-HEADER>0001179110-07-014449.hdr.sgml : 20070703
<ACCEPTANCE-DATETIME>20070703200340
ACCESSION NUMBER:		0001179110-07-014449
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070703
FILED AS OF DATE:		20070703
DATE AS OF CHANGE:		20070703

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THERAVANCE INC
		CENTRAL INDEX KEY:			0001080014
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				943265960
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		901 GATEWAY BLVD
		CITY:			SOUTH SAN FRANCISCO
		STATE:			CA
		ZIP:			94080
		BUSINESS PHONE:		6508086000

	MAIL ADDRESS:	
		STREET 1:		901 GATEWAY BLVD
		CITY:			S. SAN FRANCISCO
		STATE:			CA
		ZIP:			94080

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED MEDICINE INC
		DATE OF NAME CHANGE:	20000302

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MALKIEL BURTON G
		CENTRAL INDEX KEY:			0001184677

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30319
		FILM NUMBER:		07962998

	BUSINESS ADDRESS:	
		STREET 1:		C/O PRUDENTIAL FINANCIAL INC
		STREET 2:		751 BROAD ST. 4TH FL.
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102
		BUSINESS PHONE:		9738025037

	MAIL ADDRESS:	
		STREET 1:		C/O PRUDENTIAL FINANCIAL INC
		STREET 2:		751 BROAD ST. 4TH FL.
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			01702
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-07-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001080014</issuerCik>
        <issuerName>THERAVANCE INC</issuerName>
        <issuerTradingSymbol>THRX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001184677</rptOwnerCik>
            <rptOwnerName>MALKIEL BURTON G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>THERAVANCE, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>901 GATEWAY BOULEVARD</rptOwnerStreet2>
            <rptOwnerCity>SOUTH SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94080</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.13</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-07-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2017-07-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>30000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This option may be exercised for the first time on the earlier of the Put Date or January 1, 2008 (as applicable, the &quot;First Exercise Date&quot;).  On the First Exercise Date, this option may be exercised and shall be vested as to that number of shares subject to the option equal to 1/24th times the number of months of service optionee has completed from the Date of Grant through the First Exercise Date.  Thereafter, this option may be exercised and shall be vested as to an additional 1/24th of the shares subject to this option when optionee completes each month of service following the First Exercise Date.  &quot;Put Date&quot; shall mean the day after the final day of the Put Period, as such term is defined in the Restated Certificate of Incorporation of the Issuer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Bradford J. Shafer as Attorney-in-Fact</signatureName>
        <signatureDate>2007-07-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----