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GSK increases stake in Theravance

GlaxoSmithKline has spent $2m on shares in biopharmaceutical company Theravence, increasing its stake to 19.01 per cent

GlaxoSmithKline (GSK) has spent $2m on shares in biopharmaceutical company Theravence, increasing its stake to 19.01 per cent.

GSK purchased 102,466 shares of common stock of the US-based company at a price of $19.71 per share.

The investment is part of GSK's right to acquire, on a quarterly basis, sufficient shares of common stock to maintain its ownership percentage in Theravance.

Theravance specialises in multivalency - the simultaneous attachment of a single molecule to multiple binding sites on one or more biological targets.

In March 2004, GSK and Theravence entered into a strategic alliance where GSK received an option to license product candidates from Theravance's drug discovery programmes initiated prior to September 1, 2007, on an exclusive, worldwide basis.

GSK is responsible for funding all future development, manufacturing and commercialisation activities for product candidates in that programme once it is licensed.

As well as its projects with GSK, Theravence is currently working with Astellas for the global development and commercialization of antibacterial Vibativ (telavancin).

4th August 2011

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