GlaxoSmithKline increases stake in US pharmaceutical firm

0 Comments | AFP, March, 2004

LONDON (AFP) — British pharmaceuticals giant GlaxoSmithKline has announced it is increasing its stake in privately-held US pharmaceutical company Theravance to 19 percent at a cost of more than one million dollars.

Theravance was to receive 129 million dollars (193 million euros, 237 million dollars) -- "a significant part of which" relates to Glaxo's purchase of shares to increase its stake in the firm from six to 19 percent, Glaxo said in a statement on Wednesday.

The deal sees the firms building on their existing collaboration in research of respiratory diseases, while the pair has also "entered into an innovative broad-based strategic alliance to develop and commercialise novel medicines across a variety of important therapeutic areas, including bacterial...