GlaxoSmithKline to Buy $129.4M in Theravance, Inc. Stock

Published: Nov 30, 2010

San Francisco Business Times - by John Sailors -- GlaxoSmithKline PLC will buy about $129.4 million worth of stock in Theravance Inc. in a private placement, the companies said Monday.

London-based Glaxo (NYSE: GSK) agreed to buy 5.75 million shares for $22.50 each.

The purchase increases Glaxo's stake in South San Francisco-based Theravance (NASDAQ: THRX) to 19 percent.

The transaction is expected to close today.

Theravance is working with Glaxo to develop Relovair, an asthma treatment. The two companies began collaborating on the drug in 2002.

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