GlaxoSmithKline Completes Transaction to Increase Its Ownership in Theravance, Inc.

LONDON and SOUTH SAN FRANCISCO, Calif., May 16, 2012 (GLOBE NEWSWIRE) -- GlaxoSmithKline plc ("GSK") (LSE:GSK) and Theravance, Inc. ("Theravance") (Nasdaq:THRX) announced today that following approval by Theravance, Inc.'s stockholders at their Annual Meeting held on 15 May 2012, and expiration of applicable waiting periods under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976, GSK's acquisition of 10,000,000 shares of Theravance common stock on the terms previously announced on 2 April 2012, has now completed.