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.
City A.M. Reporter