Glaxo to top up Theravance stake
Drugs giant GlaxoSmithKline is to increase its stake in US biopharmaceutical company Theravance.
Drugs giant GlaxoSmithKline is to increase its stake in US biopharmaceutical company Theravance.
Theravance will issue 10m shares to Glaxo at $21.2887 per share, meaning the UK company will spend $212.9m to up its stake in Theravance from 18.3% to 26.8%.
The price per share was a 7.5% premium to the average price per share of Theravance common stock over the five-day period ending March 30, which was $19.8034.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The two companies have been collaborating since 2002 on drugs development, including work on Relovair, seen as a successor to Glaxo's top-selling inhaled lung treatment Advair.
Relovair has now completed its Phase III development and Glaxo intends to submit regulatory applications for chronic obstructive pulmonary disease in the US and Europe in mid-2012.
For the treatment of asthma using Relovair, Glaxo also plans to submit an application in Europe in mid-2012 and will continue discussions with the US Food and Drug Administraton on the regulatory requirements for a US asthma indication.
NR/JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Ofgem proposes new energy tariffs with low or no standing changes
Standing charges have invited public backlash as households battle high energy bills
By Katie Williams Published
-
Google shares bounce on Gemini 2.0 launch
Google has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
By Dan McEvoy Published