GlaxoSmithKline plc (GSK) has announced that it has completed the acquisition of 10 million shares of Theravance common stock on the terms previously announced on April 2, 2012. This follows approval by Theravance stockholders at their Annual Meeting held on May 15 2012, and expiration of applicable waiting periods under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976.

As a result, GSK now owns 25,814,421 shares of Theravance common stock, approximately 26.7 per cent of the total outstanding capital stock of Theravance.

In November 2002, Theravance entered into a long-acting beta2 agonist (LABA) collaboration with GSK to develop and commercialize a once-daily LABA product candidate either as a single agent or in a combination medicine for the treatment of asthma and/or chronic obstructive pulmonary disease (COPD). The inhaled corticosteroid (ICS)/ LABA combination, Relovair, has now completed its phase III development and GSK intends to submit regulatory applications for COPD in the US and Europe in mid-2012.

For asthma, GSK also plans to submit an application in Europe in mid-2012 and GSK and Theravance are reviewing the strategy for a future US filing. The long-acting muscarinic antagonist (LAMA)/LABA programme is in Phase III development in COPD. In March 2004, Theravance entered into a strategic alliance with GSK, under the terms of which GSK has licensed a Bifunctional Muscarinic Antagonist-Beta2 Agonist (MABA) for the treatment of COPD. This programme is currently in phase II development.