GlaxoSmithKline to increase its shareholding in Theravance

GlaxoSmithKlineGlaxoSmithKline plc (GSK) and Theravance, Inc. (NASDAQ: THRX) (the "Company") announced that GSK will increase its shareholding in Theravance through the purchase of Theravance common stock in a private placement. GSK and Theravance have entered into a stock purchase agreement for GSK to purchase 5,750,000 shares of Theravance common stock at a price of $22.50 per share, for a total investment of $129,375,000. The transaction is scheduled to close later today. Following this purchase, GSK will own 15,151,499 shares of Theravance common stock and Class A common stock, which represent approximately 19% of the total outstanding capital stock of Theravance. The most recent five-day volume-weighted average price per share of Theravance common stock was $22.35.

“We have built a strong relationship with Theravance since entering into the Collaboration Agreement in 2002," said Moncef Slaoui, Chairman of Research & Development of GSK. "We were keen to take advantage of this opportunity to increase our shareholding in Theravance. This reflects the confidence we have in the Relovair programme and the wider late stage respiratory pipeline that we have built up through the collaboration."

"I am very pleased with our collaboration with GSK which is currently developing a portfolio of next-generation therapies for the treatment of serious respiratory disorders such as asthma and chronic obstructive pulmonary disease," said Rick E Winningham, Chief Executive Officer of Theravance. "We are excited for GSK to become a larger shareholder of our Company and look forward to continuing to work closely with GSK to advance our collaboration programmes."

About GSK Theravance Collaboration
In November 2002, Theravance entered into a long-acting beta2 agonist (LABA) collaboration with GSK to develop and commercialize a once-daily LABA product candidate as part of a new combination medicine with an inhaled corticosteroid (ICS) for the treatment of asthma and/or a long-acting muscarinic antagonist (LAMA) for chronic obstructive pulmonary disease (COPD) and as a single-agent new medicine for the treatment of COPD. The ICS/ LABA combination medicine, Relovair, is now in Phase III development. The LAMA/LABA programme is in Phase II development. In March 2004, Theravance entered into a strategic alliance with GSK. Under this alliance, GSK received an option to license exclusive development and commercialization rights to product candidates from all of Theravance’s full drug discovery programmes initiated prior to September 1, 2007, on pre-determined terms and on an exclusive, worldwide basis. Upon licensing a programme, GSK is responsible for funding all future development, manufacturing and commercialization activities for product candidates in that programme. A Bifunctional Muscarinic Antagonist-Beta2 Agonist (MABA) for the treatment of COPD has been licensed by GSK under the terms of the strategic alliance. This programme is currently in Phase II development.

GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com

Theravance - is a biopharmaceutical company with a pipeline of internally discovered product candidates. Theravance is focused on the discovery, development and commercialization of small molecule medicines across a number of therapeutic areas including respiratory disease, bacterial infections and gastrointestinal motility dysfunction. The company's key programmes include: the RELOVAIR™ programme and Bifunctional Muscarinic Antagonist-Beta2 Agonist (MABA) programme, both with GlaxoSmithKline plc, and VIBATIV™ (telavancin) with Astellas Pharma Inc. By leveraging its proprietary insight of multivalency toward drug discovery, Theravance is pursuing a best-in-class strategy designed to discover superior medicines in areas of significant unmet medical need. For more information, please visit the company's web site at www.theravance.com.

THERAVANCE®, the Theravance logo, and MEDICINES THAT MAKE A DIFFERENCE® are registered trademarks of Theravance, Inc.

VIBATIV is a trademark of Astellas Pharma Inc.

RELOVAIR is a trademark of Glaxo Group Limited. Mark is intended for U.S. and subject to FDA approval.

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