UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): May 20, 2008

THERAVANCE, INC.

(Exact Name of Registrant as Specified in its Charter)

901 Gateway Boulevard
South San Francisco, California 94080
(650) 808-6000

(Addresses, including zip code, and telephone numbers, including area code, of principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

The information in this Current Report (including Exhibits 99.1and 99.2) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report (including Exhibits 99.1 and 99.2) shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Today at Digestive Disease Week in San Diego, California, posters presenting information from Theravance’s Phase 2 dose-ranging clinical trial of TD-5108 in patients with chronic idiopathic constipation will be available for viewing. The abstracts contained in the two posters are attached hereto as Exhibits 99.1 and 99.2 and are incorporated herein by reference.

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Item 9.01 Financial Statements and Exhibits.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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EXHIBIT INDEX

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Exhibit 99.1

TD-5108, a Selective 5-HT4 Agonist, Is Consistently Better Than Placebo Regardless of Response Definition in Patients with Chronic Constipation

Michael R Goldberg(1), Yu-Ping Li(1), Kenneth Pitzer(1), John F Johanson(2), Allen W Mangel(3), Michael M Kitt(1)
1. Clinical Pharmacology, Theravance, Inc., South San Francisco, CA, USA, 2. University of Illinois College of Medicine, Rockford, IL, USA, 3. RTI-Health Solutions, Research Triangle, NC, USA

TD-5108 is a highly selective, full agonist at the human 5-HT4 receptor. Multiple response definitions were pre-specified in a Phase 2 dose-ranging clinical trial of TD-5108 in patients (pts) with chronic idiopathic constipation (CIC). TD-5108 was consistently better than placebo in response rates across response definitions.

Exhibit 99.2

In Patients with Chronic Constipation, TD-5108, a Selective 5-HT4 Agonist with High Intrinsic Activity, Relieves Straining and Bloating, Normalizes Stool Consistency and Reduces Laxative Use

Michael R Goldberg(1), Yu-Ping Li(1), Allen W Mangel(3), John F Johanson(2), Kenneth Pitzer(1), Michael M Kitt(1)
1. Clinical Pharmacology, Theravance, Inc., South San Francisco, CA, USA, 2. University of Illinois College of Medicine, Rockford, IL, USA, 3. RTI Health Solutions, Research Triangle, NC, USA

TD-5108 is a potent, highly selective, full agonist at the human 5-HT4 receptor. A Phase 2 dose-ranging clinical trial was conducted to investigate the efficacy and safety of TD-5108 in patients (pts) with chronic idiopathic constipation (CIC). Increases in bowel movement frequency in comparison to placebo (PBO) associated with TD-5108 administration have previously been reported#. We report here effects of TD-5108 on other manifestations of CIC, including stool consistency, straining, bloating and use of rescue laxative.

Methods: This double-blind, randomized, PBO-controlled, parallel-group, multicenter trial enrolled 401 adult pts (age 18-64 years) at 48 U.S. sites. Eligible pts (<3 spontaneous bowel movements [SBM]/week [wk] during a 2-wk baseline period) were randomized to receive TD-5108 15, 30, or 50 mg, or PBO once daily for 4 wks. Rescue laxative (bisacodyl) could be used every 96 hours if necessary. Bowel function and clinical symptoms were recorded daily via IVRS. Use of rescue laxative, stool consistency, bloating (yes or no) and straining (3-point scale (0=none, 1=acceptable, 2=too much)) were assessed in addition to stool frequency. In the analyses below, n=number of patients in each group treated for at least 7 days.

Results: Treatment groups were balanced for baseline characteristics including stool frequency. During the 2 week baseline period, ~20% had normal stool consistency (Bristol score 3-5), ~80% reported straining, 85-95%% reported bloating and laxatives were used by about 65% of patients. Stool consistency, CIC symptoms and laxative use during treatment compared to PBO are summarized below. The results show that, at all doses tested, there were significant increases in the proportion of patients with normal stool consistency, decreases in straining and bloating, and reduced rescue laxative use.

Conclusion: In this study of pts with CIC treated for 4 wks, treatment with TD-5108 was associated with statistically and clinically significant relief of straining and bloating, normalized stool consistency, and reduced use of rescue laxative. #Am. College Gastroenterology, Oct, 2007

^##NA—could not be calculated