Innoviva, Inc. — Director's Dealing 2010

Dec 13, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: THERAVANCE INC (THRX)
CIK: 0001080014
Period of Report: 2010-12-10

Reporting Person: YOUNG WILLIAM D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-10	Common Stock	M	10754	$8.525	Acquired	28754	Direct
2010-12-10	Common Stock	S	5377	$26.64	Disposed	23377	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-10	Stock Option (Right to Buy)	$8.525	M	10754	Disposed	2011-04-07	Common Stock (10754)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $26.36 to $26.87. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer, full information regarding the number of shares and prices at which the transaction was effected.

F2: Immediately exercisable.