This fight should be a lot more difficult than it is. If you hide behind cover, the thresher maw will simply destroy the cover. It's very easy to hide the thresher maw's attacks though. Whenever you see him attacking stop firing and strafe left or right. You'll almost always avoid the projective spit attack. Other than that, blow him up with whatever big weapons you have. You should be able to easily kill it in the 5 minute time limit.