Relovair Bet Fuels Glaxo's $213M Theravance Stake Buy

Law360, New York (April 2, 2012, 8:41 PM EDT) -- British pharmaceutical titan GlaxoSmithKline PLC on Monday announced it will pay $213 million to increase its stake in drug development firm Theravance Inc., a milestone in a decade-long partnership focused on potential blockbuster breathing medication Relovair.

The announcement comes 10 days after the firms disclosed mixed results in clinical trials of Relovair. The drug is seen as a possible successor to highly profitable Advair, which no longer has U.S. patent protection.

In a statement, GSK said it’s acquiring 10 million shares of Theravance common stock for...
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