Glaxo lifts stake in partner Theravance

City A.M. Reporter
PHARMACEUTICALS giant GlaxoSmithKline has announced that it has increased its stake in US biotech firm Theravance Inc to 19 per cent today.

The deal marks a vote of confidence in the company, with which it is developing a key new respiratory drug, Relovair.

The lung treatment is for asthma and chronic obstructive pulmonary disease, which the British drugmaker hopes will be a successor to its top-selling £5bn-a-year Advair treatment.

The latest investment involves GSK buying a further 5.75 million Theravance shares at $22.50 (£14.42) each, at a cost of $129.4m, the companies said.