Treating COPD is a burgeoning cash cow for big pharma, with GlaxoSmithKline (NYSE:GSK) the indication's dominant player. However, investors looking for the biotech behind Glaxo's next-gen COPD drugs may find a surprise in Theravance (NASDAQ: THRX). The company recently split in two, with the money it earns from its role in Anoro and Breo Ellipta continuing under the old ticker, while the drug-development arm is reborn as Theravance Biopharma (NASDAQ:TBPH).

In this episode of Market Check-Up, The Motley Fool's health care-focused investing show, analysts David Williamson and Michael Douglass dive in to everything COPD and discuss why Theravance may end up disappointing investors.