NEW YORK (AP) – British drug maker GlaxoSmithKline PLC has closed on a deal that boosts its interest in biotechnology company Theravance Inc. by 10 million shares.
Theravance’s shareholders approved the transaction on May 15.
Last month GlaxoSmithKline said that it would buy the 10 million shares at $21.29 apiece.
GlaxoSmithKline said that it now owns about 25.8 million shares of South San Francisco, Calif.-based Theravance. That’s about 27 percent of Theravance’s outstanding shares.
Theravance is developing the lung disease and asthma drug Relovair through a partnership with GlaxoSmithKline. The companies are also working on other experimental lung drugs.
Date: May 15, 2012
Source: Associated Press