Piper Jaffray says Theravance may be sold, shares jump

March 4 (Reuters) - Shares of Theravance Inc rose 14 percent after a brokerage said a positive outcome for the company's respiratory drug could lead to a takeover of the company, which is one-quarter owned by GlaxoSmithKline Plc .

"We believe approval for Anoro by year end could lead to an eventual takeout," Piper Jaffray analysts M Ian Somaiya, Do Kim and Matthew Luchini said in a note to clients.

Glaxo and Theravance have a partnership to develop respiratory drugs, including Breo and Anoro to help succeed Glaxo's blockbuster Advair.

Theravance could not immediately be reached for comment.

Shares of Theravance, which has a market value of $2 billion, jumped to a high of $23.95 before easing back a little to $23.43 on the Nasdaq by early afternoon. (Reporting by Saumyadeb Chakrabarty in Bangalore; Editing by Roshni Menon)