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.
