GSK Increases Stake in Theravance

GlaxoSmithKline and Theravance, Inc. have entered into a stock purchase agreement, under which GSK will acquire 10 million shares of Theravance for a total of $212.9 million, increasing GSK’s ownership of Theravance from approximately 18.3% to approximately 26.8%. The transaction, subject to certain closing conditions, is scheduled for May 15, 2012.

In November 2002, the companies entered into a long-acting beta2 agonist (LABA) collaboration to develop and commercialize a once-daily LABA product candidate either as a single agent or in a combination medicine for the treatment of asthma and/or chronic obstructive pulmonary disease (COPD).

The inhaled corticosteroid (ICS)/ LABA combination, Relovair, has now completed Phase III development and GSK plans to submit regulatory applications for COPD and asthma in the U.S. and Europe.