March 3 (Reuters) - Theravance Biopharma ( TBPH ) said

on Tuesday it is initiating a strategic review, including a

possible sale of the company, after its experimental drug to

treat a type of blood pressure disorder failed to meet the main

goal in a late-stage study.

The drug ampreloxetine was being tested in people with

multiple system atrophy, a rare disease that can cause a

dangerous drop in blood pressure when standing.

Theravance said patients taking the drug did not report a

meaningful improvement in symptoms compared with those on a

placebo.

The company said it is working with investment bank Lazard

on the review, but added there was no guarantee any deal will

happen.

Shares of the company were halted in premarket trading.