Theravance’s shareholders have approved the transaction which will see the UK drug major buy 10 million shares priced at $21.29 apiece. This means GSK now owns about 25.8 million shares in Theravance’s.
The companies have been partners for nearly ten years and have developed Relovair, which combines a once-daily inhaled corticosteroid (fluticasone) with a long-acting beta-agonist (vilanterol). Phase III development has been completed and GSK intends to submit regulatory applications for chronic obstructive pulmonary disease in the USA and Europe in mid-2012.
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