The biopharmaceutical company Theravance reported on a plan to separate its businesses into two independent, publicly traded companies, a move expected to be completed during the second quarter 2014. This decision was reached following a review of the expected timelines for completion of third-party activities. The company had previously communicated that the separation would occur in early 2014. The company also outlined a series of agreements with GlaxoSmithKline (GSK) with whom it is partnered with respiratory-product development to clarify how the companies will operate following the separation.